2023-12-17 14:43:27
Indian media giant Zee Entertainment has applied for an extension of the deadline to finalize its merger agreement with Sony Group’s Indian subsidiary.
This was disclosed by the company in a document filed with the stock exchange on the 17th. The two companies agreed to merge on December 22, 2021, with a deadline of two years for a final agreement.
According to sources familiar with the matter, Zee is insisting that CEO Punit Goenka, the son of the founder, head the merged company, as agreed in 2021. , Sony has concerns regarding Goenka’s appointment given the regulatory investigation surrounding him. If the merger is completed, a media giant worth 10 billion dollars (approximately 1.42 trillion yen) will be created.
Plan to merge Sony subsidiary with Indian media giant faces crisis ahead of deadline
Original title:Zee Entertainment Seeks Deadline Extension for Sony Merger Deal(excerpt)
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