Sony India’s statement on merger with ZEE, shares fell as soon as the news was received.
A big news is coming regarding Zee Entertainment – Sony merger. Zee had asked Sony India’s operator Culver Max Entertainment to postpone the effective date of the merger. But today (Tuesday, December 19) Sony India has issued a statement saying that it has not yet agreed to extend the deadline of the merger.
Sony India said in this statement, “The notice sent by Zee to NSE and BSE on December 17 shows that they will not be able to complete the merger by the scheduled date of December 21, 2023.”
It said that along with the notice, both parties can discuss the possibility of extending the deadline under a contractual arrangement in the current deal. It said, “Sony India has to start talks on this but has not yet agreed to extend the deadline. We will consider Zee’s proposal and also know how they plan to fulfill the remaining conditions.”
Zee had said on December 17 that it was considering a proposal to extend the effective date of the merger. This merger was to become effective on December 21, 2023. This effective date of the merger was fixed in December 2021, when both the media companies had announced the merger.
