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.
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.
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.
Disney Star is mulling legal actions against Zee Entertainment for backing out from a $1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India, according to industry sources. This could brew another legal trouble for Zee Entertainment Enterprises Ltd (ZEEL), which is already facing an arbitration plea by Sony Group at the Singapore International Arbitration Centre, claiming $90 million for breach of conditions of their merger agreement. Disney Star, an Indian subsidiary of media conglomerate The Walt Disney Company, is working on its strategy over the development, said industry sources.
Japan's Sony Corporation, which is merging its Indian television content company with Zee Entertainment Enterprises, is likely to seek a fresh forensic audit of the company after market regulator Sebi levelled fund diversion charges against Zee promoters, top lawyers said. The Sebi also barred Zee founder Subhash Chandra and its Chief Executive Officer (CEO) Puneet Goenka from holding any position as director. "As the Sebi has made fund diversion charges, which may change the nature of audited reports already filed, the acquirer (Sony) can seek a fresh forensic audit," said H P Ranina, a corporate lawyer.
RIL's stake in Network18 would reduce to 64 per cent, from 75%, following the merger
Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media.
Company wants to implement similar working style, product strategy, distribution channel and marketing.
Sony Mobile Communications is planning to cut 1,000 jobs globally by the end of March next year to increase operational efficiency and reduce costs.
Sony Ericsson, now, has become a wholly-owned subsidiary of Sony Corp.
Given the economic slowdown, Masaru Tamagawa, managing director, Sony India, believes India will be better suited to help Sony meet its worldwide target.
In addition, the company also plans to reduce headcount in its seasonal and temporary workforces, the company said while outlining its plan to improve profitability and enhance operational efficiency in its electronics businesses. Under the corporate restructuring measures, Sony is planning to reduce investment in the electronics business by about 30 per cent in the fiscal 2010, compared to its mid-term plan.
Japan's Sony Corporation is targeting two billion dollar revenue from its India operations in the next two years, half of which would come from its consumer electronics business.
Sony signed a 305 million dollar deal with FIFA, its first global sponsorship agreement.
Sony on Monday said that British-born Sir Howard Stringer will take over from Nobuyuki Idei as group chairman and chief executive of the Japanese giant.
The government is believed to have permitted Japanese major Sony to undertake cash and carry wholesale trading in India for a range of hi-tech products.
Sony-owned Aiwa on Wednesday said it aimed to clock a turnover of Rs 100 crore (Rs 1,000 million) this fiscal on the back of a slew of launches in the personal audio range as well as greater penetration in the market.
Bharatiya Janata Party leaders and ministers were in Ahmedabad to attend the wedding of party president Amit Shah's son Jay, even as the Delhi poll results trickled in.
The once-powerful Japanese major is left with little to show in the face of sustained competition from rivals.
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