Zee Asks for Date Extension to Complete Merger With Sony
variety.comZee Entertainment Enterprises and Sony‘s Indian TV businesses, which has been nearly two years in the making, is likely to be delayed further.
The merger agreement was signed in December 2021 and the cut-off date for completion was Dec. 21, 2023. However, Zee has now asked for an extension to the merger. “Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’), we hereby inform you that pursuant to the Merger Cooperation Agreement dated December 22, 2021 entered into amongst the Company [Zee], BEPL [Bangla Entertainment Private Limited] and CMEPL [Culver Max Entertainment Private Limited, formerly known as Sony Pictures Networks India Private Limited] the Company has requested CMEPL and BEPL to extend the Date required to make the Scheme effective, as per the terms of the Merger Cooperation Agreement,” Zee said in a filing to India’s Bombay Stock Exchange and National Stock Exchange on Sunday.
The companies cleared a key regulatory hurdle in August, but there are other matters pending, especially that of leadership.
The original plan had foreseen that Zee’s CEO Punit Goenka would be its captain, while Sony would own a 51% controlling stake.
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