Culver Max Entertainment has terminated merger agreement with Zee Entertainment Enterprises; Sony Pictures Entertainment disappointed with the unsatisfied closing conditions; Sony remains committed to Indian audience and entertainment growth.
Read Latest Technology News Quickly Here | Sony Group Corporation ends its two years long deal worth $10 billion with Zee Entertainment Enterprise Ltd by sending termination letter over unmet conditions. Know more details about the Sony Zee merger here.
Sony has not yet agreed to an extension deadline for its merger with Zee. Eager to hear Zee Entertainment s strategies, Sony anticipates solutions to meet pending closure criteria. Zee s plea for an extension, citing the impending December 21 deadline, prompted Sony s recent statement on the matter.
Zee Entertainment Enterprises Ltd (ZEEL) is working with Japan s Sony Group Corporation to finalize its merger with its Indian media unit, Culver Max Entertainment, or Sony Pictures Networks India (SPNI). ZEEL is committed to addressing all issues in the merger agreement, despite disagreements between the two parties about the CEO s role in the proposed combined entity.
The Securities and Exchange Board of India (SEBI) is considering appealing to the Supreme Court against the Securities Appellate Tribunal s recent decision to lift the ban on Zee Entertainment s CEO, Punit Goenka, from serving on the boards of listed companies for a year. SEBI had imposed this ban due to allegations of fund misappropriation by Goenka and Essel Group Chairman Subhash Chandra Goenka.