Zee Entertainment not to go ahead with US$1.4 billion deal with Disney Star
New Delhi: Zee Entertainment has decided not to go ahead with its US$1.4 billion deal disney star According to industry sources, the TV broadcasting rights for cricket matches. Zee Entertainment Enterprises Limited (Zeal), which has already missed the first tranche of around USD 200 million, will not proceed further, industry sources told PTI.
The installment paid to the Disney star was part of a US$1.5 billion investment made by him Sony Another industry source confirmed the development, following the group’s merger with ZEEL.
However, Sony Corporation on Monday announced termination of the US$10 billion merger agreement with ZEEL while demanding US$90 million for breach of terms besides initiating arbitration.
As per the merger agreement between ZEEL and Sony, the Japanese entity was to invest US$1.575 billion in the merged entity and hold the majority stake.
There was no immediate comment from ZEEL on the development.
Earlier on August 30, 2022, ZEEL had announced to enter into a strategic licensing agreement with Disney Star for television broadcast rights of ICC Men’s and Under-19 global events for a period of four years.
A joint statement said that Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar.
This was done with the in-principle approval of International Cricket Council (ICC).
Disney Star acquired the broadcast rights of all ICC events for the Indian market from the sport’s global governing body for four years from 2024 to 2027.
As per the agreement, ZEEL was to have exclusive television rights for ICC men’s events, including the ICC Men’s T20 World Cup, which will be played in 2024 and 2026, the ICC Men’s Champions Trophy (2025), and the ICC Men’s Cricket World Cup . (2027), along with major ICC Under-19 events, it said.
ZEEL on Wednesday approached corporate dispute tribunal National Company Law Tribunal (NCLT) to get Sony to honor its USD 10 billion merger deal.
Sony had opposed the demand of Zee chief executive and Subhash Chandra’s son Punit Goenka, who was investigated by SEBI on fraud allegations, to stay on after the merger.
It has also initiated appropriate legal action to counter the USD 90 million (Rs 748.5 crore) claims filed by Sony Group before the Singapore International Arbitration Center (SIAC).
The installment paid to the Disney star was part of a US$1.5 billion investment made by him Sony Another industry source confirmed the development, following the group’s merger with ZEEL.
However, Sony Corporation on Monday announced termination of the US$10 billion merger agreement with ZEEL while demanding US$90 million for breach of terms besides initiating arbitration.
As per the merger agreement between ZEEL and Sony, the Japanese entity was to invest US$1.575 billion in the merged entity and hold the majority stake.
There was no immediate comment from ZEEL on the development.
Earlier on August 30, 2022, ZEEL had announced to enter into a strategic licensing agreement with Disney Star for television broadcast rights of ICC Men’s and Under-19 global events for a period of four years.
A joint statement said that Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar.
This was done with the in-principle approval of International Cricket Council (ICC).
Disney Star acquired the broadcast rights of all ICC events for the Indian market from the sport’s global governing body for four years from 2024 to 2027.
As per the agreement, ZEEL was to have exclusive television rights for ICC men’s events, including the ICC Men’s T20 World Cup, which will be played in 2024 and 2026, the ICC Men’s Champions Trophy (2025), and the ICC Men’s Cricket World Cup . (2027), along with major ICC Under-19 events, it said.
ZEEL on Wednesday approached corporate dispute tribunal National Company Law Tribunal (NCLT) to get Sony to honor its USD 10 billion merger deal.
Sony had opposed the demand of Zee chief executive and Subhash Chandra’s son Punit Goenka, who was investigated by SEBI on fraud allegations, to stay on after the merger.
It has also initiated appropriate legal action to counter the USD 90 million (Rs 748.5 crore) claims filed by Sony Group before the Singapore International Arbitration Center (SIAC).
