Following the collapse of the Sony-Zee merger, Disney Star finds itself in a precarious position, potentially facing a substantial valuation setback amounting to $2 billion.
Disney Star faces a potential valuation hit of up to $2 billion following the aborted Sony-Zee merger, due to ZEEL disputing a $1.5 billion sub-licensing deal for the ICC. Reliance Industries is closely monitoring the situation, with potential downgrade scenarios prepared for Disney Star.
Subhash Chandra, founder chairman of the Essel group, wrote a letter to Union finance minister (FM) Nirmala Sitharaman, a week before Sony Group Corp called off the US$10bn (billion) merger between Culver Max Entertainment Pvt Ltd and Zee Entertainment Enterprises Ltd (ZEEL), says a report.
Securities and Exchange Board of India (SEBI) may have zeroed in on the role of Zee Entertainment Enterprises Ltd (ZEEL) s managing director and chief executive officer (MD&CEO) Punit Goenka in misuse of funds as key managerial personnel (KMP) in Essel group companies, and the investigation by the market regulator reveal Rs800 crore to Rs1,000 crore may have been siphoned as against its previous finding of Rs200 crore, says a report.