California-based Sony Pictures Entertainment is unlikely to extend the timeline for effecting the $10 billion merger of its India business with media baron Subhash Chandra-led Zee Entertainment Enterprises Ltd. This brings the country’s largest-ever entertainment deal to the brink of collapse after months of debate over the appointment of a chief executive officer (CEO) for the merged entity.
Two persons aware of Sony’s plans confirmed this on condition of anonymity.
In December 2021, Sony agreed to take over Zee and merge it with the former’s Indian arm Culver Max Entertainment Pvt. Ltd, earlier called Sony Pictures Networks India, to create an entertainment giant commanding a market share of over 28%. The deal has secured all regulatory approvals as well as shareholders’ nod.
On Sunday, Zee had requested Sony for more time to complete the merger. However, Sony has decided neither to extend the merger date beyond the 21 December deadline nor go ahead with the deal unless Chandra’s son Punit Goenka (current managing director and CEO of Zee) agrees to not hold the same position in the merged entity, the people cited above said.
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