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Sony Says No Extension of Merger Deadline Yet, Zee’s Shares Slip

P R Sanjai
·1 min read

(Bloomberg) -- Sony Group Corp is looking to hear Zee Entertainment Enterprises Ltd.’s proposals for rescuing the merger plan with its Indian unit that sought to create a $10 billion media behemoth.

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The Tokyo-based entertainment company said in a statement Tuesday that it “has not yet agreed to a deadline extension” as requested by Zee on Dec. 17. The Sunday filing was “an acknowledgment” that the two sides will not be able to meet the Dec. 21 deadline to close the merger.

“We look forward to hearing Zee’s proposals and how they plan to complete the remaining critical closing conditions,” it said in the statement.

A Zee spokesman declined to comment on Sony’s statement. Zee’s shares fell as much as 4.8% during Mumbai trading, making it the day’s worst performer on S&P BSE 100.

Negotiations between the two companies appear to have reached an impasse in the past few weeks as differences cropped up on who’ll lead the new merged entity, Bloomberg has reported.

Sony-Zee Merger Risks Collapse Ahead of Deadline Over CEO Drama

Zee was insisting that its Chief Executive Officer Punit Goenka — also its founder’s son — will helm the new entity, as agreed in the pact signed in 2021, while Sony is wary of his appointment given a regulatory probe against Goenka, Bloomberg wrote last month citing people familiar with the discussions. This created an eleventh-hour tussle in the two-year-old merger plan that has already seen its fair share of drama and delays.

(Updates with Zee’s share price reaction in the fourth paragraph.)

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