Zee-Sony opens up a multitude of options as their merger deal has been terminated

Over two years after it was announced, the merger deal between Zee and Sony has been terminated. Envisioned as the second largest after Star and Disney India, it was to be a combined entity with 75 channels with a strong presence in entertainment, sports, and regional markets, apart from two OTT platforms. It is a setback for both Zee and Sony, with all eyes on what they will now do.
Those familiar with the transaction point out that there was a clear difference between why both parties saw merit in going ahead with it. One of the bankers said, “For Zee, it was driven by financial challenges, while Sony saw a business need.”





According to him, Zee’s precarious position was on account of the high debt at the promoter’s level and holding company, Essel Group. Sony, meanwhile, had a small presence with little to speak of outside Hindi general entertainment, and losing the rights to the marquee Indian Premier League meant a revenue stream was lost. “There is a good chance that both Zee and Sony will now continue running their individual operations since another interested party really does not exist.”

Last June, an interim order from the Securities and Exchange Board of India barred Subhash Chandra, Chairman of Essel Group, and his son Punit Goenka from holding key managerial positions in Zee Entertainment or any other listed firm. It accused them of having diverted money to private entities. That is viewed as one of the major reasons for the Zee-Sony merger not going through. 

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