Punit Goenka, who arrived in Ayodhya earlier in the day for the inauguration of the Ram Mandir, made the announcement on social media platform X, adding that he believes this to be a “sign from the Lord”.
Zee Entertainment Enterprises (Zee) Managing Director and CEO Punit Goenka officially announced on Monday that the proposed merger between the media giant and Sony’s India unit has been canceled.
Goenka, who arrived in Ayodhya earlier in the day for the inauguration of the Ram Mandir, shared the update on social media platform X, expressing his belief that this development is a noteworthy “sign from the Lord.”
“As I reached Ayodhya earlier this morning for the auspicious Pran Pratishtha event, I received a notification that the arrangement I’ve dedicated two years to envisioning and working on had fallen through, despite my sincere and best efforts,” he shared.
“I perceive this as a divine indication. I am determined to progress with a positive mindset and dedicate myself to enhancing Bharat’s leading M&E Company, for the benefit of all its stakeholders,” he further stated.
Earlier in the day, a media report suggested that Sony decided to terminate the merger deal with Zee due to unmet demands as outlined in the 2021 agreement. It was highlighted that Sony had dispatched a termination letter to notify Zee.
Sony had expressed concerns about regulatory and governance matters, pointing to the actions taken by market regulator Securities and Exchange Board of India (Sebi) against Punit Goenka.
An official announcement about the breakdown of the merger deal is anticipated shortly, as per the Bloomberg report.
Following the expiration of a 30-day grace period during the weekend, Sony issued a termination notice, bringing an end to lengthy negotiations with Zee concerning their proposed merger.
Despite the deadline set in late December, the two parties failed to reach a consensus, and currently, no official statements have been issued by either side regarding the termination of the merger deal.
Sony’s choice to abandon the merger, attributing it to an unresolved leadership dispute, was made earlier this month. Despite Zee suggesting ongoing negotiations to salvage the deal, the termination notice strongly suggests that the merger will not proceed.
The reaction from Zee to Sony’s termination letter, expected tomorrow, remains uncertain. However, there is speculation that the media giant might contemplate legal action to seek damages resulting from the unsuccessful merger deal.
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