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SONY-ZEE MERGER: $10BN DEAL CRUMBLES AMID LEADERSHIP DISPUTE
The Business Guardian
|January 23, 2024
Sony Group Corp called off its merger with Zee Entertainment Enterprises Ltd on Monday after nearly two years of negotiating the 10 billion deal
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After almost two years of negotiations, Sony Group Corp officially abandoned its $10 billion merger with Zee Entertainment Enterprises Ltd on Monday. Bloomberg first reported the development, citing leadership disputes that were further complicated by regulatory issues in India. The envisioned merger, aimed at forming India’s largest broadcast company, faced hurdles during talks, resulting in lingering issues and strained relations between the two companies.
PUNIT GOENKA Vs N P SINGH
Sony and Zee faced disagreements regarding the leadership of the merged entity. Sony advocated for NP Singh, its India managing director and CEO, to assume the chief executive role in the interim, citing concerns related to Punit Goenka, Zee’s managing director and chief executive officer. These were exacerbated after the Securities and Exchange Board of India (Sebi) banned Goenka from taking any managerial position while investigating allegations of fund siphoning. Goenka eventually had the ban removed. However, Sony was still hesitant to move forward. Days before the deadline for the merger, Goenka offered to step down but disagreed with N P Singh leading the deal. sony-Zee media Powerhouse
This story is from the January 23, 2024 edition of The Business Guardian.
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