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☆ India’s Zee Entertainment pops 10% on report that $10 billion merger with Sony is being revived
▼ + stars: | 2024-02-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Sony and Zee did not immediately respond to a CNBC request for comment. Shares of India's Zee Entertainment jumped more than 10% on Tuesday after a report that its $10 billion merger with Japanese tech giant Sony could be revived. Sony first proposed to combine its India entertainment business with Zee in December 2021. Last month, Zee sued Sony over the termination of the deal and urged the Japanese firm to revive the merger. The union of Zee and Sony's India subsidiary would have created a potential content and entertainment powerhouse in India.

Persons: Zee Organizations: Sony, Zee, CNBC, Economic Times, India's Zee Entertainment, Sony's, Disney, Reliance Industries Locations: Mumbai, Japan, India, Sony's India

☆ Zee founder family to eventually lift stake to 26%, according to reports
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +1 min

Logos of Zee Entertainment Enterprises Ltd. displayed on computer screens arranged in Mumbai, India, on Tuesday, Jan. 9, 2024. Zee Entertainment founder Subhash Chandra's family will eventually lift their stake in the media house to 26% from 4% currently, Mint reported on Monday, days after a merger with Sony 's India unit collapsed. "I have advised my immediate and extended family to increase their shareholding in Zee... We eventually want to go back to 26%, but it will take time," Chandra told Mint, a business daily, in an interview. Chandra, who set up Zee in 1992 and is often dubbed the "Father of Indian Television", is now chairman emeritus at Zee. Chandra, who is Goenka's father, told Mint "Punit is the right person to run the company and there is no problem with Zee."

Persons: Subhash Chandra's, Zee, Chandra, Punit Goenka, Goenka, Mukesh Ambani's Organizations: Zee Entertainment Enterprises, Zee, Sony Group Corp, Zee Entertainment, Mint, Sony, Indian, Walt Disney, India Locations: Mumbai, India, Zee .

☆ India's Zee Entertainment urges Sony to restore blockbuster merger, sues over termination
▼ + stars: | 2024-01-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Indian entertainment conglomerate Zee Entertainment on Wednesday said it urged Sony to revive their blockbuster entertainment merger and has sued the Japanese tech giant over the deal's termination. Sony earlier this week called of the transaction with Zee Entertainment, which is reported to be worth $10 billion. In a filing, Zee said it denies that Sony is entitled to call off the merger agreement and that its claim for a termination fee is "legally untenable and has no basis whatsoever." A merger of Zee with Sony's India subsidiary, Culver Max Entertainment Pvt. Sony would have gained access to Zee's local content, giving it a bigger footing in the lucrative Indian entertainment market.

Persons: Zee, Culver Max, BEPL, Punit Goenka, Arjun Kharpal Organizations: Zee Entertainment, Sony, Zee Entertainment Enterprises, Sony's, CNBC Wednesday, Culver, MCA, Company, Singapore International Arbitration Center, Zee, Culver Max Entertainment, Ltd, Bangla Entertainment, Disney, Reliance Industries Locations: India, Zee, Singapore, Sony's India

☆ India's Zee Entertainment dives 31% after Sony calls off mega merger
▼ + stars: | 2024-01-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Logo for ZEE5, an over-the-top platform of Zee Entertainment Enterprises. Shares of India's Zee Entertainment fell 31% on Tuesday after a division of Japanese tech giant Sony scrapped plans for a merger. Sony first proposed to combine its India entertainment business with Zee in December 2021. Those negotiations collapsed after more than two years. On Monday, Sony said that it terminated the merger because "among other things, the closing conditions to the Merger were not satisfied" by the agreed closing date.

Organizations: Zee Entertainment Enterprises, India's Zee Entertainment, Sony, Zee Locations: India

☆ What’s next for Zee shares? Here’s what Wall Street analysts are saying after Sony merger was called off
▼ + stars: | 2024-01-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Shares of the Indian media house fell 34% on Tuesday, while investors shrugged off the impact on the $124 billion Japanese media and technology giant Sony. ZEEL-IN 1Y mountain What are analysts saying about Zee shares, moving forward? Citi sharply slashed its price target on Zee's stock from 340 Indian rupees to 180 Indian rupees. Zee has not stated whether it will pursue the merger while the litigation with Sony could hinder improvements in operations or explore a merger with other players," the analysts added. Similarly, Elara analysts added, "Possibility of any other strategic/financial partner buying majority stake in Zee could provide respite to valuation multiples."

Persons: Motilal Oswal, Zee, Motilal, Aliasgar Shakir, Karan Taurani, Pulkit Chawla, Emkay, Zee's, Punit Goenka, Chawla Organizations: Zee Entertainment, Sony, Zee, Citi, Wall, Reliance, Disney Star India, Motilal Oswal, Star, Disney, Netflix, Amazon Prime, Reliance Industries, Media, Elara, RIL, Zee Management, Quintillion Business Media, Bloomberg News, NDTV Locations: India, Zee

☆ Sony’s $10 billion India media deal with Zee ends in ugly breakup
▼ + stars: | 2024-01-22 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —A dramatic acquisition saga in one of the world’s fastest growing media industries is headed for a bitter ending. Sony Group (SONY) has called off the merger between its India unit and Mumbai-based Zee Entertainment, the Japanese company said on Monday. Sony’s move to end talks comes at a time when Disney (DIS) and Mukesh Ambani’s Reliance Industries are discussing combining their Indian media businesses. Zee “categorically denies all the assertions … including their claims for the termination fee,” the statement added. Prime Minister Narendra Modi’s government expects the nation to soon become the world’s third largest media and entertainment market, from fifth currently.

Persons: Sony’s, Mukesh Ambani’s, Zee, Punit Goenka, Zee “, Narendra Modi’s Organizations: New, New Delhi CNN, Sony Group, SONY, Zee Entertainment, Netflix, Disney, Mukesh Ambani’s Reliance Industries, Sony, Reuters, Zee, Reliance Locations: New Delhi, India, Mumbai

☆ Japan's Sony terminates $10 billion merger with India's Zee
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Japan's Sony Group said on Monday it has sent a termination notice to Zee Entertainment to call off a $10 billion merger of their Indian operations, following an impasse over who will lead the combined entity. It cited unmet conditions of the merger agreement as the reason for the termination. Although Sony did not specify on Monday what conditions were unfulfilled, a stalemate over who will lead the combined company had put the merger in danger. Zee proposed CEO Punit Goenka, but Sony disagreed in light of a market regulator probe into Goenka. On Friday, Zee had said it was committed to the merger and was working to close the deal through "good faith negotiations".

Persons: Mukesh, Zee, Punit Goenka, Karan Taurani Organizations: Sony, Zee Entertainment, Reliance Industries, Goenka, Reuters, Disney, Elara Capital, Netflix, Disney's Star, Zee, Bloomberg Locations: Mumbai, Maharashtra

☆ ‘Annapoorani’: Netflix removes Indian movie after backlash by right-wing Hindu groups
▼ + stars: | 2024-01-16 | by ( Jessie Yeung | ) edition.cnn.com time to read: +5 min

New Delhi CNN —Netflix has removed an Indian film from its platform after it sparked backlash and protest from right wing Hindu groups – the latest in several recent controversies where India’s entertainment industry has caved to religious pressure campaigns. The movie was released on Netflix on December 29, where it quickly became the streaming platform’s top trending movie in India, according to production studio Zee Entertainment. “We removed this film at the request of the licensor,” a Netflix spokesperson confirmed to CNN in a statement Tuesday. CNN reached out to Zee Entertainment and the film’s director, but did not receive a response by the time of publication. That incident, like the ongoing controversy over ‘Annapoorani,’ prompted a police complaint against Netflix executives.

Persons: ”, Ramesh N Solanki, Lord Ram, Shriraj Nair, Vikram Seth, Narendra Modi’s, ‘, ’, Modi Organizations: New, New Delhi CNN, Netflix, Zee Entertainment, CNN, Hindu IT Cell, Vishwa Hindu Parishad, India, Bharatiya Janata Party, BJP, – Locations: New Delhi, India, Asia, Indian, Delhi, Mumbai

☆ Japan's Sony says Zee merger to be delayed by a few months
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Zee Entertainment and SONY logos are displayed in this illustration taken, September 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 29 (Reuters) - Japan's Sony Group Corp (6758.T) said on Friday a merger of its Indian unit with Zee Entertainment Enterprises (ZEE.NS), which had an initial deadline of September, would take a few more months to complete. "Based on the current state of preparation, we expect completion within the next few months," Sony said in a statement, without elaborating further. It was delayed due to issues including a legal battle with lenders over loan defaults by a Zee group entity. Zee shares, which have lost about a quarter of their value since the merger was announced in 2021, were up 2.7% on Friday.

Persons: Dado Ruvic, Punit Goenka, Zee, Ashna Teresa Britto, Chris Thomas, Dhanya Ann Thoppil, Sohini Organizations: Zee Entertainment, SONY, REUTERS, Sony Group Corp, Zee Entertainment Enterprises, Sony, Zee, Securities and Exchange Board, India, Finance, Thomson

The company already owns digital streaming rights to the popular Indian Premier League Twenty-20 (IPL T20) tournament. Ambani snatched away the rights from the Disney Plus Hotstar streaming service in a $2.9 billion bid last year, and then streamed games for free. This prompted Disney subscribers to flee - out of 61 million users in October 2022, about 21 million had left by July this year. Last year, Disney renewed its media rights to show International Cricket Council's tournaments in India from 2024 to 2027 after winning a bid for $3 billion. It later licensed the TV broadcast rights to India's Zee Entertainment (ZEE.NS) and only regained the digital streaming rights, a source told Reuters.

Persons: Mukesh Ambani, Francis Mascarenhas, Mukesh Ambani's, Walt Disney, Viacom18, Ambani, Karan Taurani, Aditya Kalra, Nandan Mandayam, Biplob Kumar Das, Sonia Cheema Organizations: Reliance Industries, REUTERS, Walt, Control, Cricket, BCCI, Indian Premier League, Disney, Elara, Reuters, Asia Cup, ICC Cricket, India's Zee Entertainment, Thomson Locations: Mumbai, India, India's

But Indian billionaire Mukesh Ambani snatched IPL rights away in a $2.9 billion bid last year, and then streamed games for free. Soon, Disney subscribers fled - out of 61 million users in October, roughly 21 million had left by July. It retains digital streaming rights but last year licensed the TV broadcast rights to Indian's Zee Entertainment (ZEE.NS) for around $1.5 billion, a source said. In the United States, ad-free Disney+ streaming service subscription rates are set to rise by 27% to $13.99 per month. By contrast in India, Disney+ Hotstar service costs $3.62 a month.

Persons: Anushree, India's Ambani Hotstar, Walt Disney, Disney, Mukesh Ambani, That's, JioCinema, Sivanandan, Daoud Jackson, Bob Iger's, Nancy Lee, Ambani, Aditya Kalra, Munsif, Dawn Chmielewski, Muralikumar Organizations: ICC Men's Cricket, REUTERS, Companies Disney India, Century Fox, Indian Premier League, Disney, Reuters, Asia, Cricket, Indian's Zee Entertainment, IPL, Blume Ventures, Hotstar, Staff, Media Partners, Netflix, JioCinema, Thomson Locations: Gurugram, India, Burbank, Disney India, United States, New Delhi, Bengaluru, Dawn, Los Angeles

☆ Byju's business head resigns amid reorganisation at Indian startup
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A man walks past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsBENGALURU, Aug 29 (Reuters) - Byju's Chief Business Officer, Prathyusha Agarwal, and two other senior executives have resigned as the struggling Indian ed-tech startup restructures its business and operations, a company spokesperson said on Tuesday. Two other business heads - Himanshu Bajaj and Mukut Deepak - have also left, the company, once India's most valuable startup, said. Byju's has let go of thousands of employees this year as it grapples with multiple legal and financial woes. Reuters has reported that Byju's will file 2022 audited earnings by September and 2023 results by December.

Persons: Adnan Abidi, Prathyusha Agarwal, Agarwal, Himanshu Bajaj, Mukut Deepak, BYJU'S, Moneycontrol, Byju's, Mohandas Pai, Rajnish Kumar, Pranav Kiran, Navamya Ganesh, Nivedita Organizations: Education Technology, REUTERS, Rights, Byju's, Zee Entertainment Enterprises, Prosus NV, Deloitte, Reuters, State Bank of India, Thomson Locations: New Delhi, India, Bengaluru

☆ Adani case threatens watchdog’s rising credibility
▼ + stars: | 2023-07-06 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

In June the Securities and Exchange Board of India, the country’s markets regulator, disciplined two media tycoons for alleged wrongdoing and strengthened disclosure norms for foreign investors. Going all-in on the Adani case would entail working with other law enforcers, such as the Directorate of Enforcement and the Directorate of Revenue Intelligence. Unless Buch’s team pulls out all the stops, the regulator’s toughest test under her leadership so far is a threat to its rising credibility. The markets regulator on June 12 barred Zee Entertainment Enterprises CEO Punit Goenka and Chair Emeritus Subhash Chandra from holding key managerial positions in any listed company. In a separate order dated June 22 Sebi barred Eros group Managing Director Sunil Arjan Lulla and three group entities including Eros International Media from the securities market, citing accounting irregularities.

Persons: Puri, Gautam, Punit Goenka, Subhash Chandra, Breakingviews, Sebi, Sunil Arjan Lulla, Antony Currie, Katrina Hamlin Organizations: Reuters, Securities and Exchange Board of India, Zee Entertainment Enterprises, Eros International, Reuters Graphics Reuters, of Revenue Intelligence, Securities, Exchange Board, India, Eros International Media, Thomson Locations: MUMBAI

☆ Sony’s India deal episode hits fresh cliffhanger
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters Breakingviews) - Sony's (6758.T) Indian unit keeps running into fresh plot twists. The deal, in the works since late 2021, has already overcome multiple hurdles. Zee has weathered shareholder calls for a rejig of the company’s board and from creditors to declare it insolvent. After all, it is a strategic combination designed to take on Disney (DIS.N), Reliance Industries (RELI.NS), Netflix (NFLX.O) and others. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Punit Goenka, Subhash Chandra, Goenka, Shritama Bose, Una Galani, Thomas Shum Organizations: Reuters, Zee Entertainment, Securities, Exchange Board, India, Sony, Disney, Reliance Industries, Netflix, Zee, Twitter, Brookfield, Thomson Locations: MUMBAI, London, Teck, China

☆ Indian shares rise on easing global banking concerns
▼ + stars: | 2023-03-17 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, March 17 (Reuters) - Indian shares advanced on Friday, aided by financials, tracking a rebound in global equities after a slew of measures to support the global banking system eased worries about a crisis in the financial sector. While the developments eased immediate concerns of a crisis in the global banking system, some analysts remained cautious. "The Fed needs to manage a delicate balancing act between price stability (inflation) and financial stability (growth) in next week's meeting." Information technology stocks (.NIFTYIT) rose over 1% with all 10 constituents logging gains. ($1 = 82.5870 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's Zee Entertainment extends fall after insolvency admission
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - Shares of Indian media company Zee Entertainment Enterprises (ZEE.NS) extended their decline on Friday after insolvency proceedings were initiated against the company due to a loan default. Zee Entertainment shares fell as much as 5.4% in early trade after closing down nearly 4% in the previous session. Punit Goenka, chief executive of Zee on Thursday challenged insolvency proceedings against the company by India's bankruptcy court, and still expected a timely completion of a merger with the local unit of Japan's Sony Group Corp (6758.T). Meanwhile, the National Stock Exchange on Thursday banned the derivatives trading on Zee's stock effective from April 28. Goenka's petition is coming up for hearing on Friday morning at the National Company Law Appellate Tribunal.

☆ India tribunal puts Zee insolvency on hold after warning of Sony merger delay
▼ + stars: | 2023-02-24 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 24 (Reuters) - An Indian tribunal on Friday put on hold insolvency proceedings against Zee Entertainment Enterprises (ZEE.NS), a major relief for the Indian media company that warned the legal battle could delay its merger with a local unit of Japan's Sony (6758.T). The tribunal has put on hold the insolvency proceedings for the time being, saying the matter required detailed deliberations and will be next heard on March 29. During the hearing, Zee counsel Mukul Rohatgi warned its merger with Sony is "going to get stuck" if the insolvency proceedings continue. It competes with Disney's (DIS.N) Star India and Reliance Industries (RELI.NS) Viacom18, and its planned merger with Sony's India unit will create a $10 billion behemoth. Zee on Friday disputed its liability in the tribunal saying, according to them the liability did not meet the threshold for initiating insolvency proceedings.

☆ Indian shares set to rise ahead of U.S. inflation data
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 14 (Reuters) - Indian shares are set to open higher on Tuesday, tracking the gains in global equities ahead of U.S. inflation data due later in the day, with a rise in domestic retail inflation in January above the Reserve Bank of India's upper threshold likely capping the move up. Wall Street equities closed higher on Monday, as investors expected consumer price index (CPI) data for January to ease. STOCKS TO WATCH** FSN E-Commerce Ventures (FSNE.NS): Co posts slide in consolidated net profit in Q3 on high expenses. ** Zee Entertainment (ZEE.NS): Co reports fall in consolidated net profit in third quarter on slide in ad spends and rise in costs. ** Steel Authority of India (SAIL.NS): Co reports fall in consolidated net profit in Q3** Power Finance Corporation (PWFC.NS): Co reports rise in consolidated net profit in Q3.

☆ INDIA STOCKS Indian shares may open higher, tracking Asia
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 27 (Reuters) - Indian shares are poised to open higher on Thursday, tracking strength in Asian markets in the backdrop of growing expectation the U.S. Federal Reserve may tone down its aggressive stance on rate hikes. India's NSE stock futures, listed on the Singapore exchange , were 0.55% higher as of 0159 GMT, while the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), climbed 1.74%. India is the world's third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation. Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange. ($1 = 82.0040 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ Gloves come off in India’s digital content wars
▼ + stars: | 2022-09-05 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 5 (Reuters Breakingviews) - The gloves are coming off in India’s content wars, and the traditionally cautious Disney (DIS.N) is proving a more ruthless fighter than many had expected. It also will hold digital rights to the ICC games throughout the rest of the year. By selling off some of the rights, Disney might reduce its spend on the ICC by a third or more. The American-owned company will hold onto the streaming rights for its digital platform, Disney+ Hotstar. The ICC said on Aug. 27 that Disney had won the TV and digital rights to events through the end of 2027.

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