Prior to choosing whether to extend the merger deadline, Sony wants to hear Zee's proposal

19 Dec 2023 , 11:02 AM

Sony Pictures Network India’s operator, Culver Max Entertainment, was asked by Zee Entertainment to delay the effective date of their upcoming merger. In response, Sony India released a statement on December 19 stating that it has not yet consented to the extension of the deadline.

Zee acknowledged that it will not be able to close the SPNI/ZEE merger by the December 21, 2023 deadline in a notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17, according to Sony India.

It further stated that the notice activates an already-existing clause in the agreement that permits both parties to talk about the potential of extending the deadline. ‘SPNI has not yet consented to a deadline extension, but it is necessary that such discussions begin. It said, ‘We’re interested in learning about ZEE’s plans and how they intend to fulfill the last few crucial closing requirements.

Just four days remained until the December 21 deadline, which was originally established when the two media behemoths announced their merger in December 2021. Zee made its appeal on December 17.

At 11:04 a.m. on the BSE, Zee shares were trading 2.85% lower at Rs. 272.55.

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