Sony Group Continues Merger Talks With Zee Entertainment, Says Report

Sony Group is continuing the discussions on merging its Indian subsidiary with Zee Entertainment Enterprises Ltd., according to a Nikkei report.

The talks will continue until Jan. 20, Nikkei said, citing unidentified people involved in the negotiations.

Earlier this week, there were reports that Sony Group's India unit was looking to cancel the deal due to a standoff over whether ZEEL Chief Executive Officer Punit Goenka would lead the merged entity, Bloomberg reported on Monday, quoting unnamed people.

Sony planned to file the termination notice before a Jan. 20 extended deadline for closing the deal, saying some of the conditions necessary for the merger had not been met, the report claimed.

Later on, ZEEL put out a statement refuting the reports about Sony Group cancelling the proposed merger with its Indian subsidiary were "baseless and factually incorrect".

"We wish to reiterate that the company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger," an exchange filing said.

The company has always complied with its obligations under SEBI and will continue to make disclosures in accordance with the same, the filing said.