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.
A key blow for JioStar came from an unlikely source: The Indian government's ban on real-money gaming, the sector that had become cricket's biggest advertiser.
Today, Sony has 124 channel feeds in 160 countries.
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.
ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed $10-billion merger and have agreed to withdraw all claims against each other. As part of the "comprehensive non-cash settlement" between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL), both "have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums," said a joint statement.
'If we don't become part of this, if we don't embrace this particular technology, millionaire brands might go down, which we cannot allow.'
Shiv Sena (UBT) leader Priyanka Chaturvedi on Wednesday alluded to private companies promoting patriotism on one side while profiting off the India-Pakistan cricket matches, as the Army's Colonel Sofiya Qureshi and Air Force's Wing Commander Vyomika Singh are set to appear on an episode of Kaun Banega Crorepati (KBC).
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.
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.
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).
Pakistan's reported threat to pull out from the ongoing Asia Cup after demanding ICC match referee Andy Pycroft's removal won't be particularly easy
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.
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 Competition Commission of India on Tuesday approved with certain conditions the mega-merger deal between media groups Sony and Zee. In a tweet, the watchdog said it has cleared the deal with certain modifications. The proposed merger was announced in September last year. CCI said it has approved the "amalgamation of Zee Entertainment Enterprises Limited (ZEE) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CME), with certain modifications".
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 $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
Media Firm Zee Entertainment Enterprise Ltd (ZEEL) sold its sports channel Ten Sports to Sony Pictures Networks for a US$ 385-million (about Rs 2,579 crore) in an all cash deal.
Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media.
The National Company Law Tribunal (NCLT) on Thursday allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment (earlier known as Sony Pictures Networks India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a $10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger.
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.
'The Asia Cup matter or any other ACC event issue has not come up for discussion at any level, hence any news or report on that is purely speculative and imaginary.'
The National Company Law Appellate Tribunal on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance against an NCLT order that approved the media company's merger with Culver Max Entertainment. However, a two-member NCLAT bench comprising chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger process during the pendency of the hearing. The appellate tribunal (NCLAT) has directed to list both petitions on January 8 for hearing, directing Zee Entertainment Enterprise Ltd to file a reply.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday directed Zee Entertainment to convene a shareholders' meet on October 14 for approving the merger with Culver Max Entertainment (formerly Sony Pictures Network). The order, passed on August 24, but uploaded to the bourses on Wednesday, comes close on the heels of the Competition Commission of India (CCI)'s observation that the $10-billion merger could hurt competition and that greater scrutiny of the deal was needed. "This Tribunal hereby directs that a meeting of the equity shareholders of the applicant company (Zee) be convened and held on Friday, October 14, 2022 at 4 p.m. for the purpose of considering, and if thought fit, approving the proposed scheme," the NCLT order read.
Sony Pictures Networks India Pvt Ltd (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL) on Wednesday said they have signed definitive agreements for their merger following conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence. In a joint statement, the two companies said they have "signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries". The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence, it added.
'There is so much talk about Netflix and what they should be doing.' 'In two years, SonyLIV has done what Netflix should be doing.'
SPN had been seeking a higher share of revenue, which Tata Sky blamed for the breakdown in talks.
Leading broadcaster Zee Entertainment on Monday said it is planning to raise funds from the market through various routes, including issuing of equity of shares, and qualified institutions placements (QIPs). Though the company has not specified the amount it plans to raise, Zee Entertainment Enterprise Ltd (ZEEL) in a regulatory filing said its board is meeting on June 6 to consider the proposal for this.
Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies' linear networks, digital assets, production operations and programme libraries.
Sony eyes a 2 billion payoff from telecasting the Fifa World Cup.
A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Varma passed the order on a public interest litigation filed by Prakash Kharwadkar, who contended that the logo of 'Shudh Plus', one of the sponsors of the tournament, is displayed on jerseys of the Gujarat Lions team which was against the law.
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
Shares of Zee Entertainment Enterprises Ltd (ZEEL) tumbled 12 per cent in the mid-session trade on Wednesday amid reports of capital market regulator Sebi has unearthed a financial discrepancy exceeding USD 241 million (nearly Rs 2,000 crore) in the accounts of the company. The stock of the company nosedived 11.58 per cent to Rs 170.65 apiece on the BSE. ZEEL shares plunged 11.39 per cent to Rs 170.70 per piece on the NSE.
The announcement was made by SPTI President, international networks group, Andy Kaplan. Bengali films and telefilms and is available in West Bengal, Tripura and some parts of Assam and Orissa.
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.
Sony's estimated profit on IPL over 10 years is 2,500 crore. Why didn't it fight tooth & nail to keep the rights?
The National Commission for Protection of Child Rights demanded Sony Pictures Networks take down an episode of the dance reality show Super Dancer Chapter 3 where judges were allegedly seen asking a minor 'vulgar and sexually explicit' questions regarding his parents on stage.
Who will win the BCCI media rights? Star or Sony?
The $385 million acquisition of TEN Sports is set to make Sony Pictures Networks a major cricket broadcaster in Asia as it seeks to expand its Twenty20-dominated portfolio. Sony Corp-owned SPN holds broadcast rights for the annual cash-rich Indian Premier League Twenty20 cricket tournament while also having the rights for the domestic leagues in South Africa and the West Indies.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances