Sony is yet to begin conversations with Zee Entertainment Enterprises on the possibility of extending the deadline for completing the merger between the two, and wants to hear what Zee’s proposal is on the closing conditions, before taking a decision on whether to extend the deadline.

In a statement to businessline, Sony Pictures Network India said the notice by Zee seeking an extension of the merger deadline has triggered “an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline.” It said it has to “start those conversations, but has not yet agreed to a deadline extension.” It added that Zee’s notice to the exchanges was an acknowledgment that it would not be able to meet the merger deadline of December 21.

It said that it “look(s) forward to hearing Zee’s proposals on how they plan to complete the remaining critical closing conditions.”

As the Zee-Sony merger teeters on the brink, with the role of Punit Goenka the chief bone of contention, Zee asked Sony over the weekend to extend the deadline for the merger as both parties are in a deadlock on the final details of the merger terms.

Sony does not want Zee CEO, Punit Goenka to be at the helm of the merged entity anymore. However, Zee is adamant that this is a non-negotiable term for the merger going through.

The complete statement by Sony is as follows, “ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023, deadline to close the SPNI/ ZEE merger. The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. SPNI is required to start those conversations, but has not yet agreed to a deadline extension. We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions.”

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