Sony Pictures Entertainment (SPE) is exploring various merger and acquisition opportunities in India following the termination of the Zee-Sony merger agreement earlier this year, according to the company’s Chairman and CEO Tony Vinciquerra.
Speaking at the company's Business Segment Meeting 2024, Vinciquerra explained that the merger between Sony Pictures Networks India (SPNI) and Zee fell through due to regulatory challenges and the decline in Zee's financial health. "We have several other conversations going on right now that could or might possibly end up in something that will help us in the marketplace. We are not concerned about our survival, as we have a very good business there," he pointed out.
Vinciquerra also mentioned that the company is considering multiple candidates to replace its previous CEO, NP Singh.
As per media reports, SPE's India division had approached Viacom18 in 2020 to explore a merger of the two businesses. Additionally, there were speculations about a potential strategic alliance between Sony and Sun TV Network, although no confirmation has been provided.
The merger deal, signed in December 2021, had reached its final negotiation stages and received all necessary approvals from stock exchanges, the Competition Commission of India, and the National Company Law Tribunal. However, it was terminated on January 22 due to disagreements over leadership and unmet closing conditions. Following the termination, Sony sought $90 million in termination fees from Zee, while Zee demanded the same amount from Sony over the failed merger.
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