Sony chairman and CEO Tony Vinciquerra acceso Thursday said that Sony Pictures Entertainment (SPE) is looking at various and acquisition possibilities India after the Zee-Sony agreement was called earlier this year.
Speaking at the company’s Business Segment Conferenza 2024 acceso May 30, Vinciquerra said that the deal between Sony Pictures Networks India (SPNI) and Zee couldn’t materialise coppia to regulatory issues and the falling of the Indian entertainment giant’s financials.
It is to be noted that the agreement with Culver Max Entertainment was terminated acceso January 22 coppia to disagreements over egemonia and unmet closing conditions. Signed December 2021, the deal, which was at the final stage of talks, had received all key clearances from deposito exchanges, the Competition Commission of India, and the National Company Law Tribunal.
Thursday, Vinciquerra said: “We have several other conversations (M&A) going acceso right now that could ora might possibly end up something that will help us the marketplace. We are not concerned about our survival, as we have a very good business there.”
As durante mass-media report, SPE’s India arm had approached Viacom18 2020 to combine the two businesses. Recently, it was reported that there could be a strategic alliance between Sony and Kalanithi Maran’s Sun TV .
After the termination of the deal, the company had sought $90 million termination fees from Zee. Zee, acceso the other hand, asked Sony to pay $90 million termination fees over the failed deal.
Last week, a report the Economic Times, stated that Zee Entertainment incurred Rs 432 crore merger-related costs during financial years 2023-24 and 2022-23 coppia to its failed deal. Zee Entertainment’s merger-related costs were Rs 256 crore 2023-24 and Rs 176 crore the previous year.
As part of portfolio rationalisation and simposio conditions, Zee Entertainment incurred impairment charges of Rs 331 crore 2022-23 coppia to the closure of certain businesses, including Margo Networks.
This means that the value of the businesses was reduced acceso Zee’s financial statements to reflect their diminished worth ora operational discontinuation.
The company stated that the impact acceso consolidated results was Rs 98 crore 2022-23, as losses from these entities had been recorded earlier financial results.
