ZEE, Sony reach deal to settle disputes
The Hindu
Sony Pictures and Zee Entertainment settle $10 billion merger dispute, withdrawing claims and ending legal proceedings amicably.
More than seven months after Sony Pictures called off the $10 billion merger deal with Zee Entertainment Enterprises Ltd. (ZEEL) on account of ZEEL’s purported delay in completing merger formalities, both parties, on Tuesday, announced a settlement to conclude all the dispute.
ZEE, Culver Max Entertainment Pvt. Ltd. (CMEPL) operating as Sony Pictures Networks India (SPNI), together with its group company Bangla Entertainment Pvt. Ltd. (BEPL), said they had arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the Merger Co-operation Agreement and the Composite Scheme of Arrangement.
As part of the settlement, the companies said they had mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums.
“The companies will also withdraw the respective Composite Schemes of Arrangement from the NCLT and inform the relevant regulatory authorities,” the companies said in a joint statement.
Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other.
“The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media & entertainment landscape, signifying the definitive conclusion of all disputes,” the statement added.
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