Sony may cancel merger deal with Zee
2024-01-09
Sony Group Corp. may call off the merger pact with Zee Entertainment Enterprises in India, according to sources familiar with the matter.
The pact may get cancelled due to a standoff over whether Zee’s Chief Executive Officer Punit Goenka, also its founder’s son, would lead the merged entity, according to sources.
According to the deal signed in 2021, Goenka would head the new company but the Japanese conglomerate no longer want him as CEO amid a regulatory probe.
As per a source, before January 20, the extended deadline for closing the deal, Sony is planning to file the termination notice saying some of the conditions necessary for the merger had not been met. Goenka has stood his ground in wanting to helm the merged entity, as agreed initially, over prolonged meetings in the past few weeks, according to another person.
Discussions are still ongoing between the two sides and a resolution can still emerge before the deadline.
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