10 billion dollar deal broken, dream of making the biggest broadcasting company shattered, will drag Sony to court
New Delhi: Culver Max Entertainment has terminated its merger agreement with Zee Entertainment. This agreement was expected to create a US$10 billion media enterprise in the country. Culver Max Entertainment was formerly known as Sony Pictures Networks India. Ji has said that she will take Japanese company Sony to court. The company said that it made every effort to save the deal. Zee MD and CEO Punit Goenka was also ready to step down but Sony broke the deal. The deal between the two companies was announced in December 2021.
Sony Group Corporation said in a statement, ‘SPNI, a wholly owned subsidiary of Sony Group Corporation, today issued a notice to terminate the definitive agreements relating to the merger of ZEEL into SPNI by merger with Zee Entertainment Enterprises Limited (ZEEL). Did. It (the agreement) was announced on 22 December 2021.’ Under the agreement, the merger was to be completed before 21 December 2023. This included obtaining regulatory and other approvals along with an additional month to complete the transaction.
What did Soni say
According to the release, if the merger is not consummated 24 months after the signing date, the parties are required to discuss extension of the closing date necessary to effectuate the merger for a reasonable period of time. Such discussions are to be held for a period ending 30 days after the last date. “The definitive agreements provide that if the parties are unable to agree on such an extension by the end of the discussion period, either party may terminate the definitive agreements by providing written notice,” the statement said.
According to the release, however, the merger was not completed by the closing date because, among other things, the closing conditions of the merger had not been fulfilled. Sony has sent a notice to terminate the agreement to Zeel, a media and entertainment company promoted by the Subhash Chandra family, after the expiry of the one-month grace period. The Mumbai bench of the National Company Law Appellate Tribunal (NCLAT) had approved the merger in August last year.
