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Sony, Zee merger falls through
Puneet Goenka expressed disappointment over the deal falling through
Sony terminated the merger deal with Zee, which was forged 2 years ago / X - @ZEECorporate @Sony
Sony Pictures Networks India Private Ltd (SPNI) issued a termination notice for the proposed merger with Zee Entertainment Enterprises Ltd (ZEEL) on January 22.
The termination came after the merger, which was finalized on December 22, 2021, failed to close by the specified end date due to various factors.
SPNI, now known as Culver Max Entertainment Limited, a wholly-owned subsidiary of Sony Group Corporation, said that they were engaged in discussions with ZEEL “in good faith” to extend the end date, but the discussion period had expired.
As a result, SPNI officially terminated the agreement on January 22, 2024. Sony, in its response, also noted that the company had not included the financial impact of the merger in its financial results forecast. Moreover, it is not expected to have a material impact on Sony's consolidated financial results.
Puneet Goenka reacts
Puneet Goenka, managing director and CEO of Zee Entertainment Enterprises, expressed his disappointment over the deal falling through in a statement on X.
“I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts,” Goenka posted on X, while he was attending the grand opening of the Ram Temple in Ayodhya.
“I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders,” he added.
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