Zee will let Sony know in the next 1-2 days if it agrees to all the terms and conditions for the merger to move forward.
Sony cancelled its highly anticipated merger with Zee Entertainment last month, bringing an end to a deal that had the potential to form one of India's largest TV broadcasting companies.
New Delhi,UPDATED: Feb 20, 2024 10:25 IST
Zee Entertainment Enterprises (ZEEL) has restarted talks with Sony Group Corp in a final attempt to bring back their $10-billion merger deal, which was called off on January 22, The Economic Times reported.
Representatives from both companies have been meeting in Mumbai, trying to salvage the agreement, with efforts gaining momentum over the last two weeks.
However, major differences remain unresolved, and there's a risk that the renewed discussions could collapse, with both sides holding firm on their positions, executives with knowledge of the matter revealed in the report.
Zee is expected to communicate its decision to Sony within the next 24 to 48 hours regarding whether it accepts all terms and conditions, including conditions precedent (CPs), and is willing to proceed.
Zee's shares climbed by 5.2 per cent during the early trading session on Tuesday.
Published On:
Feb 20, 2024
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