Zee, Sony settle all disputes over failed $10-bn merger deal
New Delhi, August 27 ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other.... Key Points
The TribuneBest Sony speaker: Enjoy high-resolution sound and stylish design with our top 10 picks
If you are stuck while choosing the best Sony speaker to add to your auditory device, we are here to help you. Go through this article, which clearly describes the best 10 choices of Sony speakers to buy for yourself. Key Points
mintBest Sony music systems for home: Discover the top 10 picks for audiophiles at affordable prices
Best Sony music system for home: Choose the ultimate Sony music system for home with our top 10 picks for audiophiles. Find the perfect blend of quality and performance. Get in now! Key Points
mintSony PlayStation employee loses job after 13 years of service, says it is time to build something new
Sony recently announced major layoffs, affecting about 8 percent of the PlayStation team. Amidst this, an ex-PlayStation employee shared his journey with Sony after working with the brand for 13 years. Key Points
India TodaySony PlayStation axes several games after laying off 900 people
Sony PlayStation announced laying off around 900 employees globally recently. As a result, several games are being cancelled. Key Points
India Today
Zee, Sony huddle in dramatic twist to salvage merger
Zee Entertainment Enterprises has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger. Major differences and disagreements over terms and conditions persist, and the outcome remains uncertain. Key Points
Economic TimesSony Pictures launches OTT service on Prime Video in India
Sony Pictures Television has partnered with Prime Video India to launch 'Sony Pictures - Stream', a new OTT service offering international movies, popular TV shows, and SonyLIV and Crunchyroll India content. The service is available at an introductory price of Rs 399 per year on Prime Video Channels. Key Points
Economic TimesSony optimistic about India, exploring alternatives after Zee merger fallout, says executive
Following the failed merger with Zee, Sony plans to pursue growth opportunities independently in India due to its significant long-term potential. The company aims to invest strategically and explore new avenues for expansion in the Indian market. Key Points
mintSetback for Sony: Emergency arbitrator denies any relief in case against Zee Entertainment
In 2021, Sony and Zee entered a deal to create a $10 billion entertainment firm. However, their talks fell through and Sony called off the deal in January 2024. Key Points
Business TodayNCLT admits Zee plea over Sony calling off merger
India Business News: The NCLT has admitted Zee's plea over Sony calling off the merger. The matter will be heard on March 12, where deliberations on the fulfilment of merger conditions are expected to take place. Key Points
Times Of India
Sony to enhance its India presence through organic, inorganic strategies: NP Singh
Sony's Culver Max Entertainment, led by CEO NP Singh, plans to strengthen its position in the Indian market through organic and inorganic opportunities. Singh assured employees that the termination of the merger deal with Zee Entertainment Enterprises will enable the company to enter a phase of growth. He urged the Sony India team to remain confident and optimistic about the next phase of the company's growth plans Key Points
Economic TimesZee slumps 10% after Sony scraps $10 billion India merger
India Business News: Zee Entertainment Enterprises Ltd's stock tumbled 10% after the cancellation of a planned $10 billion merger with Sony Group Corp in India. Analysts predict a sharp contraction in Zee's valuations. Sony was expected to benefit from Zee's content library and local television channels. Key Points
Times Of IndiaSony-Zee merger deal hits a dead end: Sony confirms termination of $10 bn deal with Zee Entertainment
Zee-Sony merger: Sony on Monday confirmed sending termination notice to Zee Entertainment, ending proposed $10 billion merger in India. The merger aimed to create the largest media giant in India. Sony and Zee had signed definitive agreements in December 2021, but the merger remained incomplete due to regulatory investigation and legal suits. Sony served the termination notice after the End Date passed and the parties failed to agree on an extension. The termination notice was issued on January 22, 2024. Key Points
Economic TimesSony sends termination letter to Zee over India merger
India Business News: Sony Group Corp has officially terminated the merger with Zee Entertainment Enterprises Ltd, leaving Zee vulnerable to competition as rivals bulk up. The termination follows a stalemate between the companies over the leadership dispute. Key Points
Times Of IndiaDeadline over; Sony not keen to extend good faith negotiations with Zee, $10 billion merger likely termina
A formal communication calling off the mega amalgamation, first announced in December 2021, is expected to be sent to the Tokyo exchanges in the next 48 hours. Failure to comply with pre-agreed conditions and failing financial health of Zee were likely key triggers for the termination. Key Points
Economic Times
Sony Group's board to meet today to decide fate of $10 billion merger deal with Zee Entertainment
Complications in management and meeting of outstanding condition precedents strained the relationship between Sony and Zee. Sony expected to call off the merger unless Zee's CEO steps down. Key Points
mintSony calls board meeting today for Zee merger call as $10 bn deal stares at termination unless last-minute
People close to Sony said the multinational has offered Punit Goenka the role of advisor at the new company, but said he should not be on the board, pending regulatory investigations. As of now, Goenka as boss of new merged co, failing financial health, unmet conditions are being seen as key hurdles to the deal going through. Key Points
Economic TimesSony-Zee merger talks: Sony had turned down Punit Goenka's proposal for replacement of CEO
Earlier, Sony had opposed the idea of Goenka taking over as the managing director and CEO of the merged entity, citing stock market regulator Sebi's probe against him and his father Subhash Chandra for alleged fund diversion from Zee to promoter group companies. As part of the scheme of arrangement signed in December 2021, Goenka was to be the MD and CEO of the merged entity for five years subject to and on the terms as agreed between Punit Goenka and Sony Pictures Networks India (SPNI) . Key Points
Economic TimesZee-Sony merger likely to be called off, termination notice to be issued by Jan 20: Report
Zed Entertainment and Sony's India division may not merge after all, with Sony probably going to give a notice of termination before January 20th, according to reports on Monday. According to news agency Bloomberg, Sony is to back out of the $10 billion deal that would have made it the largest media company in the country. Key Points
Economic TimesWhy the birth of a $10 bn media & entertainment behemoth still buffering up
A merger deal between Japan's Sony group's Indian arm (Culver Max Entertainment) and Zee Entertainment Enterprises that will create a $10 billion media giant faces obstacles. The merger's deadline, originally set for December 21, 2023, may be delayed by several months as Zee requests Sony for an extension. The merger deal was inked on December 22, 2021. Key Points
Economic Times
Zee Entertainment sends letter to Sony Group Corporation, requesting an extension of cutoff to complete me
The cut-off date for concluding the merger is December 21. Zee had inked a deal to merge with Sony's India Culver Max Entertainment in December 2021. While the merger has received all the requisite approvals, differences have cropped up between the two over the CEO position. Key Points
Economic TimesWorking towards completing merger deal with Sony: ZEEL
Zee Entertainment Enterprises has reaffirmed its commitment to completing the planned merger with Culver Max Entertainment, Sony Group Corporation's media unit in India. Responding to stock exchanges, ZEEL stated that it is actively working towards the successful closure of the merger, dismissing as factually inaccurate a Bloomberg article suggesting potential obstacles to the deal. Key Points
Economic TimesSony LED TVs are reliable and immersive: Pick from top 8 options for your home
Sony LED TVs come with a surety of trust, and you can rely on them for having an excellent and new viewing experience. Check out the list of the top 8 offerings from the brand that can add charm to your living spaces. Key Points
mintSony facing $7.9 billion mass lawsuit over PlayStation Store prices
International Business News: Sony has been ordered to face a £6.3 billion ($7.9 billion) lawsuit in the UK over claims that the company abused its dominant position, resulting in Key Points
Times Of IndiaSony facing $7.9 bln mass lawsuit over PlayStation Store prices
Sony (6758.T) must face a mass lawsuit worth up to 6.3 billion pounds ($7.9 billion) over claims the PlayStation maker abused its dominant position leading to unfair prices for customers, a London tribunal ruled on Tuesday. Key Points
Reuters
Sony TV condemns ‘fabricated’ Kaun Banega Crorepati clip on Kamal Nath
Sony TV posted a video in which a fake voiceover of Kaun Banega Crorepati host Amitabh Bachchan read a contentious question on Kamal Nath. Here's what it said. Key Points
Hindustan TimesSony Q2 profit falls 29%, hit by chips division
Sony's (6758.T) operating profit fell 29% in the July-September quarter, below estimates, as the company was hit by a weaker performance at its image sensor and financial divisions. Key Points
ReutersSony wants its own executive as head of merged company instead of Zee's Punit Goenka
According to a person familiar with the situation, Goenka has made it clear to Sony's brass that he wants to be the MD and CEO of Sony-Zee, particularly after the SAT verdict overturned Sebi's regulatory ban. This had barred him from holding a directorship or a top managerial role in a listed entity, including the proposed Sony-Zee combine. Key Points
Economic TimesAmazon Sale 2023: Get heavy discounts on Sony TVs
Unbelievable deals on Sony TVs at the Amazon Sale 2023! Enjoy massive discounts on stunning displays and immersive entertainment. Limited time offer. Key Points
mintZee-Sony show runs into overtime; legal glitches behind delay: Experts
Zee-Sony merger: Legal procedures may be the primary reason for the delay, experts said. The Tokyo-based conglomerate, which is Japan's fourth-biggest company by market value, didn't give specific reasons behind the delay in closing the transaction. Sony had earlier said it anticipated the merger to be concluded by September this year. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/44R63YIAUBJELGLRSFJNONIOR4.jpg)
Sony doubles down on virtual production business using its hardware muscle
Sony Group (6758.T) is increasing its focus on the virtual production business where it is seeing market-beating growth, a company executive said, riding on the strength of the Japanese entertainment conglomerate's technology. Key Points
ReutersSony gaming chief Jim Ryan to retire, group president to be interim head
Sony Group (6758.T) said on Thursday its gaming chief Jim Ryan would retire next March, with group President Hiroki Totoki to become interim CEO during the search for a successor. Key Points
ReutersSony Interactive gears up to introduce PS5 and EA Sports FC 24 combo
Sony Interactive is preparing to release a PlayStation 5 combo featuring EA Sports FC 24 on September 29, 2023. Pre-orders begin on September 25, and the price is expected to be around $656. Key Points
mintSony WF-C700N launches in India with up to 15 hours of battery: Details inside
Sony India has launched the WF-C700N truly wireless earbuds, offering noise cancellation, adaptive sound control, and a comfortable fit. Priced at ₹8,990, they will be available in Sony retail stores and other e-commerce websites. Key Points
mintView: Sony merger plan for Zee turns into farce. Time to walk
Sony Group should cut its losses and abandon its pursuit of a merger with Indian media giant Zee Entertainment Enterprises, argues Bloomberg's Andy Mukherjee. The Securities and Exchange Board of India (SEBI) have barred Zee's founder Subhash Chandra, and his son, Punit Goenka, from any executive roles at listed firms for allegedly faking loans owed. While shares in Zee have fallen 50% following the news, Mukherjee suggests Zee would regret not selling to Mukesh Ambani's Reliance Industries following its failed merger talks with Invesco Developing Markets Fund, which would likely have resulted in the Chandras' exit. Key Points
Economic Times
Get a new CEO or scrap the Zee-Sony merger: The way ahead for proposed Indian media giant
Analysts feel a delay in the merger between Zee Enterprises and Sony is now inevitable. However, SEBIs Monday ruling against Essel Group's Subhash Chandra and Zee Entertainment's Punit Goenka could largely mean two things: either Goenka walks out, or Sony will. Read on to know how analysts think things could progress. Key Points
Economic TimesZee-Sony merger: NCLAT sets aside NCLT order directing bourses to reconsider approval
The National Company Law Appellate Tribunal (NCLAT) on Friday set aside an NCLT order which had directed bourses NSE and BSE to review the grant of NOC to the merger between Zee Entertainment and Culver Max Entertainment (earlier known as Sony Pictures Networks India), reports said. Earlier this month, Japanese conglomerate Sony Group Corporation Chairman and CEO Kenichiro Yoshida said he expects the merger to be complete within the first half of this fiscal. Key Points
Economic TimesSony launches new affordable headphones with 50 hours playback
Sony launched new affordable headphones in India with up to 50 Hours of playback on a single charge. Sony WH-CH520 features a multipoint connection that allows switching between two devices. It comes with button operation and can be controlled with your voice also. They also support Swift Pair and Fast Pair. Read more on The Hindu. Key Points
The HinduSony may soon launch new PlayStation Portable-like console: All details
The portable PS console codenamed Q Lite will reportedly launch "before the PlayStation 5 Pro." The latter is expected to release in late 2024. Key Points
India TodayZEE-Sony merger will go through, whether I'm CEO or not, says Punit Goenka
The merger between ZEE and Sony will go ahead regardless of CEO Punit Goenka's position, as it will benefit 96% of the company's shareholders. Sony remains committed to the December 2023 contractual deadline, though a September merger had been previously proposed. The companies are currently at an advanced stage of integration, but regulations and non-compete agreements remain obstacles. The merger promises revenue benefitting from minimal overlap in viewership between the two networks and ZEE's mass appeal paired with Sony's premium and metro-centric network. Cost synergies will be gained from merging back ends of the digital sides and cross-marketing content. Key Points
Economic Times
Zee-Sony fallout: Zee incurred Rs 700-cr cost for merger deal, says report
On January 21, Sony Group sent a notice to Zee Entertainment terminating the mega-merger worth $10 billion between the two entities. Later, Sony Group sought $90 million for breach of conditions besides initiating arbitration from ZEEL. Key Points
Business TodayZee asks Sony Group to extend merger deadline
Zee Entertainment has requested an extension for the deadline to complete the merger deal with Sony's subsidiary, Culver Max Entertainment. Sony has not responded to the extension request. The two-year agreement between Zee and Sony expired in December. Zee is committed to the merger and is engaging in good faith negotiations with Sony. Both companies need to inform regulators to terminate the merger deal legally. Key Points
Economic TimesSony sends termination letter to Zee, scraps $10 billion merger deal: Report
Sony-Zee merger deal called off: Sony has reportedly sent a termination letter to Zee to call off the $10 billion merger deal, following a two-year delay. Here's all you need to know. Key Points
India TodaySony-Zee merger: Zee shares fall as deadline extension request hangs in balance
Zee shares were down 3.83 per cent at Rs 269.75 apiece on the National Stock Exchange (NSE), following a statement issued by Sony India against its plea to extend the December 21 merger deadline. Key Points
India TodayDisney, Sony deals may make it harder to reach India’s consumers
The first of these two transactions may come as early as Monday and would see Walt Disney Co. enter into a non-bidding agreement with Mukesh Ambani to merge their media businesses in the country. The richest Asian tycoon will hold at least 51% of the combined television and streaming operations. Key Points
Economic Times
Sony unveils 'Project Q', a next-gen gaming device with 8-inch HD screen and DualSense controller features. All details
Sony unveiled ‘Project Q,’ its latest portable gaming device, featuring an 8-inch high-definition screen and elements of the DualSense wireless controller. It connects to the PlayStation 5 via Wi-Fi to access and play its games, but the PS5 must remain powered on and connected. Key Points
mintZee-Sony Merger: NCLAT refuses to halt mega merger to create media giant
NCLAT has declined a stay order on the Zee Entertainment Enterprises Limited (ZEEL) and Sony merger. Zee's shares surged, hitting Rs 286.50, rising 1.6% on BSE Sensex at 70,980. The National Company Law Appellate Tribunal (NCLAT) issued a notice for a hearing on January 8 regarding the challenge against the merger by IDBI Bank and Axis Finance, objecting to the NCLT's August 10, 2023, approval order. Key Points
Economic TimesSony-Zee merger risks collapse ahead of deadline over CEO drama
Zee-Sony merger: The much-awaited merger between Sony's India unit and Zee Entertainment hangs in the balance, facing a critical juncture next week. The companies must swiftly resolve leadership conflicts and finalise merger details; otherwise, the prospects of $10 billion media giant may vanish as a looming deadline approaches on Dec. 21. Key Points
Economic TimesSony-Zee Merger Termination: Concerns for Unilever, P&G; likely cheer for Ambani
Sony terminates Zee deal: Sony's decision to abandon a $10 billion Indian media merger will leave large advertisers like Unilever and Procter & Gamble with limited options. They may have to turn to a potential rival to reach India's 1.4 billion population. Sony's local unit terminated the deal with Zee Entertainment after disagreement over who would lead the merged entity. The termination was likely influenced by an ongoing inquiry into funds misappropriation by Zee's founder and CEO, Punit Goenka. This failure leaves advertisers without an alternative to Mukesh Ambani, who is consolidating his media empire through partnerships with players like Disney. Key Points
Economic TimesNCLT issues notice on Zee's plea seeking implementation of Sony merger
Zee Entertainment's plea seeking the implementation of merger with Sony Pictures' India arm will be taken up by the National Company Law Tribunal (NCLT) on March 12. Zee's share prices climbed after the NCLT listed the plea. The merger scheme, which would've created a $10 billion media entity, was approved by NCLT's Mumbai bench in August 2023. However, Sony terminated the agreement in January due to delays and lack of consensus over leadership of the merged entity. Zee has also approached the Singapore International Arbitration Centre (SIAC) for implementation of the merger agreement. Key Points
Economic Times
Singapore arbitrator lets Zee Entertainment approach NCLT to enforce Sony merger deal
India Business News: In a recent turn of events, a Singapore arbitrator has allowed Zee Entertainment to ask NCLT to enforce a $10 billion merger deal with Sony's India unit. Zee Entertainment contests Sony's claims and accuses the market regulator, Sebi, of trying to scuttle the merger. Key Points
Times Of India