Tell us how you plan to complete the remaining critical closing conditions: Sony to Zee on deadline extension request

Responding to the request to extend the December 21 deadline by Zee Entertainment to close the proposed merger, Sony on Tuesday said it has not yet agreed to a deadline extension adding that it is ready to discuss the issue.

A spokesperson of Sony Pictures Networks India said, “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. 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.”

Zee on Sunday approached SPNI for an extension in the deadline to complete the proposed merger, which will create India's biggest media conglomerate.

The proposed USD 10-billion merger of ZEEL, BEPL and CMEPL has received regulatory approvals from fair trade regulator CCI, bourses NSE and BSE, shareholders and creditors of the company.

However, Sony is allegedly opposing a clause of the proposed deal that makes Punit Goenka to lead the merged entity as CEO in the wake of the SEBI investigation into corporate governance case.

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