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Zee-Sony Merger To Close Next Year Says CEO

 |  May 18, 2023

During Sony’s annual global corporate strategy meeting on Thursday, Kenichiro Yoshida, the Chief Executive Officer, announced that the company anticipates finalizing the Zee-Sony merger in the first half of this fiscal year.

In 2021, the merger of Zee Entertainment Enterprises, owned by Puneet Goenka, and Sony Pictures Networks India (SPNI) was announced.

Following a lengthy legal dispute with Zee’s shareholders, the merger was granted approval by the CCI in 2022. Despite ongoing efforts to address typical due diligence concerns, the merger may face additional obstacles due to a recent Securities and Exchange Board of India order against an Essel Group-owned company, which could impede approval by the National Company Law Tribunal.

Last week, the counsel representing the National Stock Exchange and Bombay Stock Exchange brought SEBI’s April 25 notice to NCLT’s attention, which experts suggest could be a significant challenge for the Zee-Sony merger.

Read more:Sony, Zee Offer Concessions To India Regulator Over Merger

The senior management at Sony has the following to say on the merger. SPNI CEO and MD, NP Singh, who was also in attendance at the Thursday event, said: “In 2021, we announced a partnership to merge Zee into SPNI, which upon closing, will enable us to expand our content creation and strengthen our connection with diverse communities within India. The closing of the transaction is subject to regulatory approvals.”