Page 9 - Sony

Sony withdraws agreement to merge India operations with Zee from NCLT

While the court filings officially bring the curtain down on the long-drawn saga that was beset by delays, drama over who'll lead the merged entity and a regulatory probe on Zee's founders

Sony to lay off 900 PlayStation unit employees, shut studio in London

The global videogame market grew just 0.6% last year to $184 billion, according to industry tracker Newzoo, though that was better than a decline of more than 5% in 2022

Zee forms independent advisory panel to curb erosion of investor wealth

Zee Entertainment Enterprises Ltd on Friday said its board has constituted an independent advisory committee headed by Satish Chandra, retired judge of Allahabad High Court, to curb erosion of its investor wealth in the wake of speculations, leading to negative public opinion of the company. Earlier this week, media reports said market regulator Sebi has found financial discrepancies in the accounts of the company, although it asserted that the reports-related accounting issues are "incorrect and false". "The board of ZEE Entertainment Enterprises Ltd (ZEEL), has approved to constitute an independent advisory committee that will enable it to review and take cognizance of the widespread circulation of misinformation, market rumours, and speculation that has led to the formation of negative public opinion about the company and consequent erosion of investor wealth," ZEEL said in a statement. The committee will be presided by Dr Satish Chandra, a former judge of Allahabad High Court.

Zee refutes report of Rs 2,000 crore accounting 'hole', calls it 'false'

A report on Wednesday said that the market regulator has found a "hole" of more than Rs 2,000 crore in the accounts of Zee Entertainment Enterprises Ltd

Another blow to Zee Entertainment: Sebi uncovers $241 mn accounting issue

As part of its investigation into the Zee founders, the Securities and Exchange Board of India, or Sebi, found that about Rs 2,000 crore ($241 million) may have been diverted from the company

Zee Entertainment reaches out to Sony to revive terminated merger

Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, Since the matter is subjudice we have no comments to offer. Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. The ball is in Sony's court. They need to respond if the deal has to be revived, the source said. The development comes amidst the two parties filing cases again

Zee, Sony in discussions to save the called off $10 billion merger: Report

Sony-Zee merger: Punit Goenka, managing director and chief executive officer at ZEEL, has agreed to Sony's demand of him not becoming the CEO of the merged entity

Prime Video, Sony Pictures launch add-on service Stream at Rs 399

Prime Video has entered a distribution agreement with Sony Pictures Television (SPT), a division of Sony Pictures Entertainment (SPE), to launch a add-on subscription on the streamer for viewers in India. Sony Pictures Stream will offer SPE's movies and show on Prime Video Channels and its subscribers for an add-on introductory annual subscription of Rs 399. We are delighted to launch Sony Pictures - Stream, a new Prime Video Channel curated specifically for our customers in India. "The collaboration allows Sony Pictures Entertainment to make their vast and beloved library available in India at a single destination, reaching customers across the length and breadth of the country via Prime Video Channels, said Vivek Srivastava, head - Prime Video Channels, India. Sonika Bhasin, Vice President - South Asia, Sony Pictures Television, said with the partnership with Prime Video, Indian audiences can have access to content from SPE's extensive library of award-winning films and critica

We will find another opportunity in India post Zee merger collapse: Sony

With the proposed merger of its Indian arm with Zee terminated, Sony will seek various options, including finding another opportunity to replace the plan and organic growth opportunities in India, which has great potential in the long term, according to a top company official. In an earnings call, Hiroki Totoki, president, COO & CFO of Sony said India is a very appealing market where it would continue to invest. "India on a long term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," Totoki said when asked about the company's strategy in India after the termination of the proposed merger. On the investment which Sony had committed as part of the deal, he said:"Well, that investment is not going to change a capital allocation or it will not change our behaviour in our investment. So at the moment, we do not have any concrete plans." The ..

Sony plans IPO for financial arm in Oct 2025 after PS5 sales falter

The company revealed plans for the partial sale after reporting earnings and revising its forecasts for the fiscal year through March

Zee shareholder files fresh plea in NCLT against Sony's move on merger pact

Mad Men Film Ventures, a shareholder of Zee Entertainment Enterprises (ZEEL), on Friday filed a fresh application in the National Company Law Tribunal seeking an order to refrain Sony from proceeding contrary to the NCLT's earlier decision sanctioning merger of the two media companies. Sony had last month terminated the agreement with ZEEL to merge its two Indian entities -- Culver Max Entertainment (earlier known as Sony Pictures Network India) and BEPL-- with the Indian media company. The termination notice came months after the Mumbai bench of NCLT on August 10, 2023 approved the scheme of merger of ZEEL with Sony group entities. In its fresh plea on Friday, Mad Men Film Ventures sought the Mumbai bench of NCLT's urgent intervention to restrain Sony Pictures India Networks from proceedings against the tribunal's order dated August 10 as the matter is scheduled for hearing on March 12. The fresh plea came after Sony initiated an arbitration proceedings before Singapore-based ...

NCLT issues notice on Zee's plea seeking directions for Sony merger

NCLT has granted two weeks to Sony to file its reply and listed the case for hearing on March 12

SIAC cites lack of jurisdiction, rejects Sony's plea against Zee Ent

The Singapore arbitration panel cites lack of jurisdiction for rejection

'Sony, Zee clash over Russia assets, cricket before India merger collapse'

The communications between Sony's legal and M&A executives in India and Los Angeles with top Zee executives provide undisclosed details on the high-stakes backroom tussle

Zee Entertainment, Sony Pictures square off in SIAC, starting today

NCLT grants 3 weeks to Sony to file reply

Sony scrapped $10 bn merger as Zee failed to meet financial terms: Report

India's Zee denied the allegations in a letter to Sony, also reviewed by Reuters, and accused the Japanese company of "bad faith" in calling off the merger

Promoter family to increase stake in Zee to 26% eventually: Subhash Chandra

Chandra also said that as a promoter, he was "seriously considering" filing a criminal case against Sony

TMS Ep616: Zee-Sony merger, cookieless market, interim Budget, stress test

Has Zee run out of options after merger collapse? Are Indian businesses ready for a cookieless market? What do investors expect from interim Budget? What is stress testing in finance? Answers here

Zee Entertainment mulls filing counterclaims against Sony India in SIAC

Legal experts say Zee took several steps to merge the companies which resulted in litigation costs

Disney Star mulls legal action against ZEEL for backing out from deal

Disney Star is mulling legal actions against Zee Entertainment for backing out from a USD 1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India, according to industry sources. This could brew another legal trouble for Zee Entertainment Enterprises Ltd (ZEEL), which is already facing an arbitration plea by Sony Group at the Singapore International Arbitration Centre, claiming USD 90 million for breach of conditions of their merger agreement. Disney Star, an Indian subsidiary of media conglomerate The Walt Disney Company, is working on its strategy over the development, said industry sources. If the rescinded agreement contained an arbitration clause, then Disney Star would have to resort to arbitration proceedings for the resolution of the dispute and if the agreement is short of the arbitration clause, then Disney could initiate legal proceedings to sue Zee for damages. ZEEL, which has already missed the first instalment of around USD 200 ..