Sony and Zee Merger : Sony Has Yet to Agree to an Extension of Its Deadline to Create a $10 Billion Media Giant
Sony is waiting to hear the Indian media company’s ideas and how they intend to finalise the last few crucial closing requirements before agreeing to a deadline extension for their merger with Zee.
Although SPNI has not yet consented to a deadline extension, it is necessary to initiate those discussions.
Zee Entertainment’s shares were down 3.8% at Rs 269.85 a share on the BSE Sensex at 10:08 p.m.
In December 2021,
Sony and Zee agreed to merge
. In eight or ten months, the deal was supposed to close
The combined revenue of ZEEL and Sony was about Rs 15,000 crore, according to the FY23 financials.
With the planned Reliance-Disney joint venture, the Sony-Zee goliath will face off against it directly in an almost duopolistic market.