Sony Pictures Entertainment (SPE) is looking at various merger and acquisition opportunities in India after the Zee-Sony merger agreement was terminated earlier this year, said its Chairman and CEO, Tony Vinciquerra. He was speaking at the company’s Business Segment Meeting 2024.
He mentioned that the merger deal between Sony Pictures Networks India (SPNI) and Zee couldn’t materialise due to regulatory issues and the falling of the Indian entertainment giant’s financials. “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 highlighted. Vinciquerra also said that the company is considering multiple candidates to replace its incumbent CEO, NP Singh.
If one has to go by media reports, SPE’s India arm approached Viacom18 back in 2020 to combine the two businesses. It was also reported that there could be a strategic alliance between Sony and Sun TV Network. However, there has been no confirmation so far.
Signed in December 2021, the merger deal which was at the final stage of talks, had received all key clearances from stock exchanges, the Competition Commission of India, and the National Company Law Tribunal, but was later terminated on January 22 due to disagreements over leadership and unmet closing conditions. After the termination of the deal, the company sought $90 million in termination fees from Zee. The latter, meanwhile, asked Sony to pay $90 million in termination fees over the failed merger deal.