Sony wants to hear Zee’s proposal before deciding to extend merger deadline

Sony wants to hear Zee’s proposal before deciding to extend merger deadline

As Zee Entertainment sought from Culver Max Entertainment, operator of Sony Pictures Network India, to postpone their impending merger's effective date, Sony India on December 19 issued a statement saying it has not yet agreed to the extension of the deadline.

“ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger,” Sony India said.

It added that the notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. “SPNI is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions,” it said.

Zee’s plea, made on December 17, had come just four days before the agreed cut-off date of December 21, as initially set when both media giants announced their merger in December 2021.
Zee shares were trading 2.85% at Rs 272.55 on BSE at 9:27 am.