Report comes day after Sony Pictures Entertainment said it took country's markets regulator's order banning Zee Entertainment CEO from holding board positions 'seriously'.
Zee and Sony Group Corp had earlier announced a merger to create a $10 billion TV enterprise in 2021, with Goenka set to become the merged entity's MD and CEO.
Buying Bungie will give Sony one of the most popular first-person shooter games to compete with Call of Duty series, which Sony’s main rival, Microsoft, now owns through Activision.
Zee’s managing director and CEO Goenka said the revenue will certainly approach almost $2 billion & that he expects all the necessary approvals to come in 8-10 months.
Sony will own a 50.86% stake in the merged entity while Zee founders will own 3.99%. The merger will help expand Sony's media business in India where Zee commands 17% of the market.
Indian business landscape favours firms that are either substantially owned by a family, or controlled by a multinational. To come out ahead, Invesco might need to tweak its tactics.
Sony is merging with Zee. It will control the larger empire & infuse an additional $1.4 bn of cash into it. But the combined entity will be presided over by Punit Goenka, Chandra’s son.
Move came after Zee shareholders sought removal of key officials. However, Zee CEO Punit Goenka, whose removal was sought, will lead the merged entity.
The collusion between the new class of bureaucrats, politicians, businessmen and trade union bosses perpetuates itself partly because of the short-run benefits and partly because they see no way out of the system, wrote author MH Mody in 1980.
IAF is firming up plans to revamp airlift capabilities with medium transport aircraft that will be assembled in India & serve as its main workhorse. Embraer is leading contender as of now.
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