Zee panned reports that claimed that Sony was planning to call off its merger. "Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger,” Zee said.
Sony Group is set to cancel the merger pact of its India unit with Zee Entertainment Enterprises Ltd. due to a standoff over whether Zee s Chief Executive Officer Punit Goenka, also its founder s son, would lead the merged entity. The agreement signed in 2021 was that Goenka would lead the new company, but Sony no longer wants him as CEO amid a regulatory probe.
Sony Group Corp. is looking to cancel the deal due to a standoff over whether Zee’s Chief Executive Officer Punit Goenka, also its founder’s son, would lead the merged entity
As per the report, the Japanese company is allegedly looking to cancel the deal due to a standoff involving Zee’s Chief Executive Officer Punit Goenka. The standoff has risen over whether Punit Goenka, who is founder Subhash Chandra's son, would lead the merged entity or not. Zee-Sony Merger Update: Sony Likely To Call Off USD 10 Billion Merger With Zee, Issue Termination Notice by January 20, Says Report.
According to former Chief Justice of India UU Lalit, Punit Goenkas appointment forms the part of basic structure of the deal approved by Zees shareholders. He opines that any variance will require fresh approvals from stakeholders and regulators.