New Delhi, Jan 9 (IANS) Zee Entertainment (NS:) has reiterated that the Company is dedicated to the merger with Sony and is constant to work in direction of a profitable closure of the proposed merger.Zee Entertainment mentioned the article is baseless and factually incorrect with regards to experiences that Sony is planning to name off the merger.

Sony Group Corp. is planning to name off the merger pact of its India unit with Zee Entertainment Enterprises , mentioned individuals acquainted with the matter, capping two years of drama and delay in making a $10 billion media big, Bloomberg reported.

The Japanese conglomerate is seeking to cancel the deal as a result of a standoff over whether or not Zee’s Chief Executive Officer Punit Goenka, additionally its founder’s son, would lead the merged entity, the individuals mentioned, asking to not be named as the knowledge isn’t public, Bloomberg reported.

While the settlement signed in 2021 was that Goenka would lead the brand new firm, Sony not desires him as CEO amid a regulatory probe, the individuals mentioned.

Sony plans to file the termination discover earlier than a January 20 prolonged deadline for closing the deal, saying a few of the situations obligatory for the merger had not been met, one of many individuals mentioned, Bloomberg reported.

–IANS

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