A day before the deadline for the extension of the proposed Zee-Sony merger expires, Zee Entertainment on Friday said that it was unaware of any board meeting held or proposed to be held by Culver Max Entertainment (formerly Sony Pictures Networks India) to discuss merger-related issues.
The company also reiterated its commitment to the proposed merger with Sony, saying it continues to work towards a successful closure.
In an exchange filing on Friday, the media company said that it was engaged in good faith negotiations with Sony in this regard. “We cannot comment on any board meeting held or proposed to be held by Culver Max Entertainment, given that these are internal matters of Sony.
We are engaged in good faith negotiations with Sony with a view to discuss the extension of the date required to make the scheme of arrangement effective by a reasonable period of time,” the company said.
While the expected completion of the deal was December 21, 2023, Zee had sought a deadline extension, which Sony agreed on, to close the $10-billion merger. This was a 30-day grace period, which was included in the merger pact signed in 2021.
The additional time sought was intended to tackle the leadership issue around Punit Goenka, Zee’s MD & CEO, leading the combined entity, a clause which was part of the deal. While Sony was on board for Goenka’s leadership when the merger was announced in December 2021, the change of heart happened due a regulatory probe against Goenka.
Sony, in recent months, had been insisting on its MD & CEO NP Singh to take over as the head of the merged entity. This was not acceptable to Zee, which said that Goenka had got a reprieve from an appellate authority and that the merger scheme of arrangement should be honoured.