ZEE SONY
NCLT allows Zee to withdraw its merger implementation application
NCLT allows ZEE Entertainment Enterprises Limited to withdraw its implementation application related to the merger deal with Sony Group Corp-owned Culver Max Entertainment and Bangla Entertainment.
Rohit Kumar Gupta quits ZEE; Mukund Galgali appointed as acting CFO
Zee Entertainment Enterprises announced on Tuesday that Rohit Kumar Gupta, the Chief Financial Officer, will step down citing personal reasons. Mukund Galgali, who has been with the group for over 17 years, will assume the role of acting CFO, a crucial managerial position within the company.
TV channel rates may soon go up by 5-8%
In January, leading broadcasters raised their base bouquet rates by 10%, with Viacom18 going for the highest increase of over 25% due to the addition of Indian cricket rights and increase in the market share of general entertainment channels. The new pricing was to come into effect in February.
Zee's plan to raise Rs 2,000 crore gets board's approval
Zee Entertainment Enterprises approves ₹2,000 crore fundraising to enhance balance sheet post Sony merger failure, aiming for strategic growth in media landscape.
ZEE board approves raising upto Rs 2,000 crore through equity or other modes
ZEE's board approved raising up to Rs 2,000 crore via equity shares or eligible securities in one or more tranches. This move follows the collapse of the $10 billion Sony merger in January. The company aims to bolster finances after announcing cost-cutting measures, including workforce reduction.
ZEE to consider fundraising proposal via equity or other modes on June 6
"A meeting of the Board of Directors is scheduled to be held on June 6 to consider raising of funds by way of issuance of equity shares and/or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods," the company said in a filing.
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From ‘Illegal Season 3’ to ‘Panchayat 3’: Watch the latest OTT releases on Netflix, ZEE5, and JioCinema, this week
Get ready, streaming enthusiasts! This week, prepare for an influx of "binge-worthy" web series and movies hitting your favorite OTT platforms. From intense legal dramas to hilarious comedies and heartwarming tales of friendship, there's a diverse range of engaging content waiting for you to explore this weekend!
Sony Pictures looking at multiple candidates to replace NP Singh
Sony Pictures Entertainment (SPE) is reportedly considering multiple candidates to replace its India CEO, NP Singh, who is retiring. Sony Pictures Networks India (SPNI) has hired Disney Star executive Gaurav Bannerjee as its next CEO, although no official word has been provided by the company. Singh, who has been with SPNI for nearly three decades, will transition to an advisory role once the new CEO takes charge.
Sony eyeing M&A opportunities in India post termination of Zee deal: Tony Vinciquerra
Sony Pictures Entertainment (SPE) is in discussions for potential merger and acquisition deals in India following the collapse of its merger deal with Zee Entertainment. The deal between Sony Pictures Networks India (SPNI) and Zee couldn't go through due to regulatory issues and the deterioration of the Indian entertainment giant's financials. SPE's India arm held discussions with Viacom18 in 2020 to combine the two businesses.
TV broadcasters hope ad revenues to bounce back in FY25, expect flat or degrowth in FY24
Top broadcasters like Star India, Sony Pictures Networks India, Zee Entertainment, and Sun TV Network saw ad revenue remaining flat or shrunk in FY24 due to the exit of new-age advertising and the shift of ad dollars to digital due to free cricket streaming by JioCinema and Disney+ Hotstar.
Sony appoints Disney's Banerjee as new India CEO
Sony has appointed Disney executive Gaurav Banerjee as its new India CEO to lead television and media businesses. Banerjee, previously head of content for Disney's Hotstar and TV channels in Hindi-speaking markets, will join Sony in about two months. Disney declined to comment. Sony recently scrapped a merger with Zee Entertainment.
Sony begins hunt for NP Singh's successor
NP Singh, who has been with the company since 1999, will continue to lead SPNI as its MD and CEO until a new successor has been found. Singh expressed gratitude for his tenure and plans to focus on social change. SPNI has started the process of finding a new leader. Singh joined SPNI in 1999 as CFO and later became COO before becoming MD and CEO in 2014. He previously held positions at Modi Xerox, Spice Telecom, ModiCorp, and Hindustan Copper Limited.
Zee seeks termination fee of $90 million from Sony for calling off $10 billion deal
Zee Entertainment made headlines on Thursday by terminating its $10 billion media deal, demanding a $90 million termination fee from Sony Group Corporation's India media unit, Culver Max Entertainment, and Bangla Entertainment Pvt. Ltd. (BEPL). Previously, the media company disclosed that it had suffered merger-related expenses of Rs 432 crore between 2023-24 and 2022-23 due to the unsuccessful merger attempt with Sony Group Corporation's India media unit, Culver Max Entertainment.
Zee’s finances on the mend, still wait for bigger picture
Zee’s consolidated revenue grew by 10% year-on-year to Rs 2,170 crore in the March 2024 quarter. This was 8% higher than the street’s estimates. A large part of this growth was on account of 10% growth in the advertising revenue at Rs1,110 crore, beating the analysts’ estimates by 16%.
Zee shelled out Rs 432 crore on failed merger with Sony unit
Zee Entertainment faced significant merger-related costs due to a failed deal with Culver Max Entertainment. The company also dealt with impairment charges, headcount reduction, arbitration cases, and demands for termination fees and compensation for damages.
Investors will take final call on Zee leadership: Punit Goenka
Goenka, who is part of the promoter family that holds a 4% stake, is the longest-serving CEO of Zee. In 2019, Goenka was reappointed as the MD and CEO of the entertainment giant, beginning January 2020. The Securities and Exchange Board of India is investigating Goenka and his father, Subhash Chandra, for allegedly diverting the entertainment company's funds to promoter-owned firms.
Zee to announce Q4 earnings, likely dividend payout on May 17
In 2024, so far the shares have tanked over 53%, and the counter hit its 52-week low of Rs 130.50 on Wednesday taking the declines to 56% from its 52-week high of Rs 299.70, which it hit in December last year.
Zee withdraws NCLT plea in Sony merger case
In an official statement issued late on Monday evening, the company said it has withdrawn the implementation application based on the advice received by the board after a detailed consultation with legal experts. Sony and Zee had signed definitive agreements on December 21, 2021 to merge their businesses.
Zee-Sony merger: Zee Ent announces withdrawal of merger implementation application from NCLT against Sony
Zee Entertainment Limited has withdrawn its merger implementation application filed against Sony, citing legal advice. The decision allows the company to continue aggressively pursuing its claims against Sony in ongoing arbitration proceedings at the Singapore International Arbitration Centre and other forums. The company aims to evaluate strategic opportunities and generate higher value for shareholders.
Zee to cut workforce by 15% to reduce costs
Zee had recently fired 50% of its staff at the Technology & Innovation Centre (TIC) in Bengaluru. The company, which incurred an expenditure of ₹600 crore on TIC, aims to cut down its expenses by 50%.
Sony deal in past; Zee focus now on future, rebuilding business: Punit Goenka, MD & Chief Executive, Zee
Any asset failing to generate profit will be divested from the media company’s portfolio, Goenka said. He also spoke of the challenges facing Zee after the merger failure, impact of the Reliance-Disney merger on the industry, Sebi’s allegations of fund diversion, and his ambitious turnaround plan.
If content is king, Reliance Industries-Walt Disney Company to be kingdom
The Rs 70,352 crore ($8.5 billion) merged entity, in which RIL will infuse Rs 11,500 crore, will have a viewership share of more than 40%, enabling it to secure premium advertising rates and consumer average revenue per user (ARPU), they said. The failure of Zee Entertainment Enterprises and Sony Pictures Networks India to merge is expected to benefit Star-Viacom18, which would have had to contend with a duopoly if the Sony-Zee merger had also gone through.
Zee Entertainment refutes report of Rs 2,000 cr accounting gaffe, says it is 'false'
Zee Entertainment denies media reports of a $240 million 'accounting hole,' calling them incorrect and false. The embattled Indian broadcaster asserts cooperation with SEBI and states they are addressing comments requested. SEBI reportedly uncovers a potential diversion of around Rs 2,000 crore, ten times higher than initial estimates, according to Bloomberg News sources
Sebi uncovers $241 million accounting issue at Zee
As part of its investigation into the Zee founders, the Securities and Exchange Board of India, or Sebi, found that about 20 billion rupees ($241 million) may have been diverted from the company, said people familiar with the matter who did not want to be identified as the information is not public yet. That’s roughly ten times more than initially estimated by Sebi investigators, the people said.
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.
Zee-Sony Row: Sony 'disappointed' after SIAC allows Zee to approach India tribunal over merger dispute
The company said it was disappointed by the decision but it was a procedural one ruling only whether Zee could pursue its application with the company law tribunal.
Sony, Zee clashed over Russia assets, Star cricket deal before India merger collapse
Sony and Zee disagreed over more than 20 compliance issues, including the Indian firm's failure to dispose of some Russian assets and its $1.4 billion Disney cricket rights deal, before their India merger was scrapped, according to internal emails reviewed by Reuters. The collapse of the deal is a bigger setback for Zee, one of India's best known TV networks that started in 1992 but has seen its business struggle over the years. Emails show there was a face-off between Sony and Zee about four Russian subsidiaries that dealt in content creation and distribution, as the merger agreement had stipulated no dealings with entities based in countries under U.S. sanctions.
Zee-Sony Tussle: The test of arbitration law
Zee-Sony Deal: The broken Zee Entertainment - Sony Group merger plan has led to intriguing developments on the legal front. Japan's Sony invoked the arbitration clause and sought $90 million from Zee for breach of the merger agreement. Zee, on the other hand, approached the National Company Law Tribunal seeking an order for Sony to merge as approved by the Tribunal. These actions are creating more complexities in the deal, but they can lay the grounds for a solid legal framework for dispute settlement.
SIAC to begin hearing in Sony-Zee arbitration matter on January 31
The Singapore International Arbitration Centre will hold online hearings for the arbitration case filed by Culver Max Entertainment and Bangla Entertainment against Zee Entertainment Enterprises over alleged merger agreement breaches. Sony terminated the merger agreement on January 22 and demanded a $90 million termination fee. Zee disputes the allegations and urges withdrawal of the termination notice.
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