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Zee Leisure Enterprises has reportedly missed a deadline to pay $200 million to Walt Disney Co’s India unit for TV rights of cricket matches. In response to a Bloomberg report, the delay in fee is attributed to Zee’s efforts to preserve money in anticipation of a possible breakdown of its merger with Sony Group Corp.
Defaulting on the fee to Disney unit poses contemporary complications for Zee.
On Tuesday, Zee panned experiences that claimed that Sony was planning to name off its merger. “Firm is dedicated to the merger with Sony and is continuous to work in the direction of a profitable closure of the proposed merger,” Zee mentioned.
If it goes by, the merged entity will tackle international giants like Netflix, Amazon Prime Video, Disney+ Hotstar and native incumbents like JioCinema. Final week, Sony Group hinted that it could cancel the cope with Zee Leisure greater than two years after it was introduced attributable to a disagreement over whether or not its CEO Punit Goenka ought to lead the merged entity, based on experiences.
Additionally learn: Zee-Sony merger: Zee says break-up buzz is baseless
As per the settlement signed in 2021, Goenka would lead the brand new firm, however Sony is reportedly not proud of the continuing regulatory probe in opposition to Goenka.
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