The long in tooth soap opera that has been the proposed $10 billion merger of the India operations of Zee Entertainment Enterprises Ltd (ZEEL) and Culver Max Entertainment Private Limited (CMEPL aka Sony Pictures Networks India Pvt Ltd – SPNI) is reportedly dead in the water.
Even as the countdown is on to the additional month beyond the December 21 deadline to finalise the merger, Bloomberg reports that Sony is expected to issue a termination notice before January 20. It was on December 20 that ZEEL had informed BSE that Sony had agreed for discussions on extending the merger deadline.
This merger agreement, initially signed in 2021, had incorporated a 30-day grace period for potential extensions. Zee and Sony have been engaged in discussions to extend the deadline, aiming to resolve uncertainties regarding the leadership structure of the combined entity. But by the looks of things, it has all come to nought.
