(Reuters) -Japan’s Sony Group Corp said on Friday a merger of its Indian unit with Zee Entertainment Enterprises, which was due to be completed by end-September, would likely take a few more months.
“This transaction was expected to be completed by the end of the first half of fiscal year 2023, but based on the current state of preparation, we expect completion within the next few months,” Sony said in a statement.
Sony did not elaborate on the reason for the delay.
The merger to create a $10 billion media and entertainment powerhouse, which was announced in 2021, won a key approval in August.
The combination ran into problems after the Securities and Exchange Board of India banned Zee’s CEO, Punit Goenka, who had been lined up to run the merged entity, from the boardrooms of listed companies for a year.
(Reporting by Ashna Teresa Britto and Chris Thomas; Editing by Dhanya Ann Thoppil and Sohini Goswami)
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