Zee Entertainment says merger with Sony on track
时间:2024-06-26 08:04:59 阅读(143)
Zee Entertainment on Tuesday said that it was committed to its proposed merger with Sony Pictures Networks India amid reports that the deal could be called off by next week. In a statement to the stock exchanges, Zee said it was working towards a successful closure of the proposed $10-billion merger, adding that it would make necessary disclosures with regard to the same.
The statement, which came during market hours, helped arrest the nearly 13% decline seen in Zee’s shares during early trade on the BSE on Tuesday. The stock had tumbled after Bloomberg reported that Japan’s Sony Group Corporation was planning to call off the proposed merger over leadership issues. The deadline for the proposed merger, which is under a one-month extension, will expire on January 20.
Analysts say the deal is crucial to both Sony and Zee’s survival amid the impending merger of Disney Star and the Reliance-backed Viacom18, valued at $12-13 billion.
“We maintain our view that the likelihood of the Sony-Zee merger going through remains high. Zee had said last month that it was entering into good-faith negotiations with Sony for an extension of the merger. They remain committed to closing the deal,” Karan Taurani, senior vice-president, research at brokerage Elara Capital, said.
According to the merger scheme of arrangement, Sony will hold 50.86% stake. Zee promoters (Goenka family) will hold 3.99% and the rest 45.15% stake will remain with public shareholders.
Taurani says that if the merger goes through, the combined entity could be listed by March-April of 2024.
“Regulatory approvals from the Registrar of Companies, ministry of information and broadcasting, and the relisting process will take three to four months. More so, the Zee-Sony combine could stand up in an emerging media landscape where two other groups (RIL-Disney) are looking to come together,” he said.
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