Zee Entertainment Says Committed to Merger with Sony

Zee Entertainment has reiterated that the Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger.

Zee Entertainment said the article is baseless and factually incorrect with reference to reports that Sony is planning to call off the merger.

Sony Group Corp. is planning to call off the merger pact of its India unit with Zee Entertainment Enterprises, said people familiar with the matter, capping two years of drama and delay in creating a $10 billion media giant, Bloomberg reported.

The Japanese conglomerate is looking to cancel the deal due to a standoff over whether Zee’s Chief Executive Officer Punit Goenka, also its founder’s son, would lead the merged entity, the people said, asking not to be named as the information is not public, Bloomberg reported.

While the agreement signed in 2021 was that Goenka would lead the new company, Sony no longer wants him as CEO amid a regulatory probe, the people said.

Sony plans to file the termination notice before a January 20 extended deadline for closing the deal, saying some of the conditions necessary for the merger had not been met, one of the people said, Bloomberg reported.