Today, while the country was celebrating the consecration of Ram Temple, a billionaire has received bad news. Actually, the Sony-G merger deal which was going on for two years amidst Pran Pratistha has broken down. Culver Max Entertainment has terminated its merger agreement with Zee Entertainment. This deal was expected to create a media enterprise worth US$10 billion in the country. But now when this deal will not happen, Zee has got a big blow.
When did Goenka get the news?
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CEO and MD of Zee Entertainment Enterprises, Punit Goenka, received this news while he was in Ayodhya to attend the Ram Temple inauguration ceremony and from there he shared this information on the X platform. The veteran businessman said, ‘This is a sign from God.’ He further said that he made his best and most honest efforts to make this deal successful, but despite this it could not succeed. Jai Shri Ram.
As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts.
I believe this to be a sign from… pic.twitter.com/gASsM4NdKq
— Punit Goenka (@punitgoenka) January 22, 2024
Zee will drag Sony to court
Culver Max Entertainment was formerly known as Sony Pictures Networks India. After the deal breaks down, Zee has also hinted at taking legal action. Sony Corp has said that it is demanding a termination fee of more than $90 million or about Rs 748 crore from Zee Entertainment, because the company has violated the terms of the agreement. On the other hand, such claims being made by Sony have been completely rejected by Zee Entertainment and have said that it has not violated the terms of the merger deal.
The deal has been going on for 2 years
Zee-Sony Merger was announced in the year 2021. Zee had announced its merger with Sony Pictures Networks India, a subsidiary of Japan’s Soni Corp. But due to some demands of the creditors this deal could not be completed. Difficulties were continuously faced regarding the management of the company. Zee told the market regulator that Sony’s claims are baseless, the Board of Directors of our company is evaluating all available options and that appropriate legal action will be taken against Sony.