India Business News: Singapore’s arbitration tribunal has rejected Sony’s plea against Zee that sought a stay on court proceedings in India after the Japanese media major called off a $10-billion merger.
Sony s Culver Max Entertainment, led by CEO NP Singh, plans to strengthen its position in the Indian market through organic and inorganic opportunities. Singh assured employees that the termination of the merger deal with Zee Entertainment Enterprises will enable the company to enter a phase of growth. He urged the Sony India team to remain confident and optimistic about the next phase of the company s growth plans
The Sony-Zee mega merger still hangs in the balance. Sony Pictures Networks India (SPNI) Tuesday said it hasnt yet decided on extending the Thursday, December 21, deadline to complete the merger with Zee Entertainment Enterprises Ltd (ZEEL).
In a statement, the Sony Group Corporation-owned company said Zee has acknowledged that it will not be able to meet the deadline. SPNI said it looks forward to hearing ZEEL s proposals and how it plans to meet the remaining key conditions.
“Zees notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgment that they will not be able to meet the December 21, 2023, deadline to close the SPNI/ZEE merger,” the SPNI statement read. It added that the ZEEL notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline.