Campaign India Team
Jan 22, 2024

Sony Pictures Network issues notice to Zee to terminate merger

States that it's extremely disappointed that the closing conditions to the merger were not satisfied

Sony Pictures Network issues notice to Zee to terminate merger
Sony Pictures Network has issued a notice to Zee Entertainment Enterprises, through which it has terminated the agreement dated 22 December to merge with ZEEL.
 
The statement from Sony Pictures Networks revealed that the group was 'extremely disappointed that closing conditions to the merger were not satisfied by the end date'.
 
The statement read:
 
“Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the 21 January deadline.  After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date. We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”
 
While Zee is yet to confirm the development, according to sources, a Saudi Arabia-based business is interested in acquiring the Indian media company.
Source:
Campaign India

Related Articles

Just Published

13 hours ago

India dazzles at Campaign Asia-Pacific’s Women to ...

Three Indian women shine among 34 trailblazers transforming Asia-Pacific’s marketing and communications landscape.

15 hours ago

Streaming TV: Advertisers' new go-to for engaged ...

Magnite’s latest research highlights its impact on ad recall, trust, and purchase intent, offering new possibilities for brands in India.

16 hours ago

The sound track to successful digital marketing ...

From fusion music to personalised playlists, the right music selection will be the key to success of digital marketing campaigns in the near future, says Hoopr.ai's chief marketing officer.

17 hours ago

How click-to-chat ads on Whatsapp are transforming ...

A closer look at how brands use WhatsApp Click-to-Chat ads with AI bots to boost engagement, streamline campaigns, and drive personalised, data-driven marketing.