Zee Entertainment Enterprises has sought a termination fee of $90 million (around Rs 748.7 crore) from the Sony Group for calling off the $10 billion merger deal in January this year. It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Ltd (ZEEL) on Thursday.
There will be a lot of excitement in the theatres in December but OTT entertainment looks good too.
Sony Picture Network India (SPNI) management is committed to long-term growth in India and the company will actively explore new organic and inorganic possibilities to strengthen its presence in the country, company managing director and CEO, NP Singh told employees. In a letter, two-days after the calling off of the $10 billion merger deal with Zee Entertainment, he asked employees to focus on current projects, with an immediate goal to unleash the company's full potential, continuing to craft content that not only engages audiences but also boosts subscriber growth and revenues. "As we close the chapter on our proposed merger with ZEEL (Zee Entertainment Enterprises Ltd), I want to take a moment to talk to you - not just as your CEO but as someone who has been on this journey with you.
'For OTT platforms, securing dubbed rights often makes greater business sense, enabling them to serve diverse regional audiences more effectively.'
Days before Sony Group pulled the plug on the $10 billion deal, Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for trying to "scuttle" the merger of its flagship media firm Zee Entertainment Enterprise with the Japanese firm and subsequent investment in the merged entity. Alleging market regulator Sebi is "acting with a predetermined mind", the Zee group patriarch requested the finance minister to take the necessary steps "to safeguard the interest of the minority shareholders of Zee". Chandra in his letter dated January 16, seen by PTI, said Zee and all other people have been cooperating in the investigation related to the alleged fund diversion by promoters and expressed concern over a new notice issued by the market regulator to former directors of Zee.
The fate of the $10 billion merger between Zee Entertainment Enterprises and Culver Max Entertainment, formerly Sony Pictures Networks India, is hanging by a thread, with the two parties unable to finalise an agreement as the end of the one-month grace period looms. The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns after market regulator Sebi barred him from holding managerial posts in Zee and any of the entities in a fund-diversion case.
Sony India and Zee Entertainment Enterprises (ZEEL) have agreed to sell three Hindi channels--Big Magic, Zee Action and Zee Classic--to address anti-competition concerns arising out of their proposed merger. The broadcasters submitted their proposal to the Competition Commission of India (CCI), which gave a conditional approval on October 4. On Wednesday, the CCI made public its detailed 58-page order, specifying the channels that would be dropped.
By becoming associate sponsor, STAR Plus brand will get assured mileage on broadcaster SET Max.
Two days after the termination of the merger agreement by Sony Group, Zee Entertainment on Wednesday hit back by filing a petition before the National Company Law Tribunal (NCLT), seeking a direction to implement the merger scheme. Besides, it has also initiated appropriate legal actions to contest the claims of $90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC), according to a regulatory update by Zee Entertainment Enterprise Ltd (ZEEL).
Sony India on Thursday declared a 20 per cent sales growth for the year ended March 31, 2004, and said it plans to launch VAIO personal computers in India over the next few months.
'There'll be extended periods where things aren't working in your favour. But if you believe in the cause profoundly, then you simply persevere.'
Channel also acquires rights to Slumdog Millionnaire.
All other channels on the Sony network -- MAX (Hindi movie channel), SAB (family entertainment), PIX (English movie), MIX (Hindi music), Aath (Bengali movie) and the recently launched SIX (sports) have a clear roadmap.
Multi Screen Media Private Limited ((earlier known as Sony Entertainment Television India), announced on Thursday that its chief executive officer, Kunal Dasgupta has quit quoting personal reasons. The announcement was made by SPTI's president, international networks, Andy Kaplan.
From serial killers to genies, interesting content ready to entertain you and satisfy your inner cinephile.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
October looks bright with a lot of festive season releases on OTT.
Zee Entertainment Enterprises Ltd on Wednesday said Culver Max Entertainment, formerly known as Sony Pictures Networks India, has agreed to discuss extending the date required to make their merger scheme effective, a day ahead of the deadline. A day after Sony Pictures Networks India (SPNI) stated that it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their proposed $10-billion merger, the Subhash Chandra family-promoted media firm said it has received a communication from Sony group for discussing an extension of the deal which was announced almost two years ago.
The feud between Sony Entertainment Television (SET) and two of its minority stakeholders, who hold a combined 31.67 per cent stake, is finally ending. Both parties have decided to shake hands over paying additional capital demanded by Sony to repay a loan taken to finance its bid for the 2003 Cricket World Cup.
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023.
'There is so much talk about Netflix and what they should be doing.' 'In two years, SonyLIV has done what Netflix should be doing.'
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $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.
The National Company Law Tribunal (NCLT) on Tuesday admitted a fresh petition filed by a Zee Entertainment Enterprises Ltd shareholder seeking enforcement of the now-cancelled merger deal between ZEEL and Sony. The Mumbai bench of NCLT also directed Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks and fixed the next date of hearing on March 12. On January 21, Sony Group Corp (SGC), the Japanese parent company of Sony Picture Network India (SPNI) and BEPL, announced the termination of the $10 billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.
A fresh row broke out over the issue of telecast rights of the Indian Premier League with Sony Entertainment dragging the Board of Control for Cricket in India to the Bombay High Court which restrained the Cricket Board from entering into any further agreement related to the Twenty20 tournament. Sony moved the High Court against BCCI's move to enter into a contract with World Sports Group after terminating its agreement with Sony on broadcasting rights in the country.
After three editions of the hugely-successful Kaun Banega Crorepati, Sony TV has bought the rights for the show this year.
Tarun Katial of Star Network has joined Sony Entertainment Television to oversee the channel's creative content, programming and on-air promotions.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
Please continue to e-mail your pictures to getahead@rediff.co.in (My Lord Ganesha Pix) with your name, location and details about your Lord Ganesha and we will publish the best photographs on Rediff.
Flush with cash from his wireless telephony company's sale, industrialist B K Modi is negotiating to acquire 39 per cent stake in Indian television company, Multi Screen Media, earlier known as Sony Entertainment Television. Modi, who was earlier eyeing the 32 per cent stake held by Indian shareholders, is now looking at acquiring an additional 7 per cent held by trusts. He is also planning to re-brand the television channel as Sony Spice TV.
Mukesh Ambani's Antilia includes a private theatre that seats over 50, a snow room, and even an ice cream parlour. If that's not redefining home entertainment, what is?
'It was just one episode, and I did it for a very special person.'
The Indian cricket board's official Twenty20 League (IPL) has secured a 10-year rights contract worth more than $1 billion ahead of its launch in April, organisers said on Monday.
