ZEE-Sony deal termination a sign from Lord Ram: Punit Goenka

ZEEL MD Punit Goenka was present at the Ram Mandir consecration (Pran Prathishta) ceremony at Ayodhya today alongside his family on Monday, 22 January 2024.

As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent 2 years envisioning and working towards had fallen through, despite my best and most honest efforts.
I believe this to be a sign from… pic.twitter.com/gASsM4NdKq

— Punit Goenka (@punitgoenka) January 22, 2024

The much-anticipated Zee-Sony merger also reached an anti-climactic end today when the deal was called off by Sony, citing "non-compliance with terms of agreement".

Meanwhile …. ⁦@punitgoenka⁩ pic.twitter.com/pJeNFBLDZQ

— Sanjay Pugalia (@sanjaypugalia) January 22, 2024

Terminating the merger deal with Zee, Culver Max Entertainment has issued a statement: “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date. We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”

Zee on its part has refuted the allegations, stating: “The company categorically refutes all claims and assertions made by Culver Max and BEPL regarding alleged breaches of the MCA by ZEEL, including their claims for the termination fee, and reserves all its rights in this matter. The Company is evaluating all available options and basis the guidance received from the Board and will take all necessary steps to safeguard the long-term interests of its stakeholders, including by taking appropriate legal action and contesting Culver Max and BEPL’s claims in the arbitration proceedings."

It also said that Goenka, who was the bone of contention for Sony, had agreed to step down from his position in the interest of the merger.

“ZEEL proposed an extension of a maximum period of six months for the consummation of the transaction, however, Culver Max did not provide any counter proposal for extension. These discussions did not result in any proposal from Sony but they rather have chosen to terminate,” said the company in a statement.

Goenka joins the likes of other VVIPs and top business executives of the country such as Mukesh Ambani, Ajay Piramal, Ratan Tata, Anand Mahindra, etc. to be present at the historic event. 

The consecration rituals for the 'Pran Pratishtha' were initiated at the Saryu river on January 16 and will come to a completion on 22 January 2024 on the 'Abhijeet Muhurta', according to the trust.