“The company is not aware of, and cannot comment on, any board meeting held or proposed to be held by Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India Private Limited), given that these are internal matters of Sony,” Zee said in a filing.
Punit Goenka-led Indian media giant reiterated that it is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger.
Earlier today, multiple media outlets reported that a board meeting of Sony was scheduled on Friday to take a call on the merger deal with Zee.
“Two key meetings are set to be held back-to-back. Culver Max Entertainment is likely to hold a board meeting on Thursday night, followed by Sony at its Tokyo headquarters,” an ET report noted.
Reacting to the media reports, Zee said it is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the scheme effective, by a reasonable period of time.
Zee and Sony agreed on a merger two years ago, but the proposed deal hit a brick wall after Sony expressed inhibitions about Goenka running the combined entity.It was expected that the deal would be completed within the stipulated deadline of December 2023. However, Zee requested Sony to extend the deadline to resolve critical issues, which includes Goenka heading the merged entity.
After Zee requested an extension, reports emerged that Sony was planning to file a termination notice before the extended January 20 deadline to close the merger.
Despite multiple headwinds, Zee has repeatedly clarified that the company was committed to the merger with Sony and was working towards a successful closure of the deal.
Analysts say the deal is crucial to the companies’ survival amid the looming merger of heavyweight RIL and Walt Disney’s Indian media and entertainment businesses.
On Friday, Zee shares closed 6% lower at Rs 232.50 on the NSE.
