Will Zee’s Goenka go along with Sony, or simply go away?

livemint.com:

₹200 crore ($24 million) from Zee. Compounding these challenges, Zee's business has experienced a downturn in recent months, partly attributed to escalated streaming costs. In December, acknowledging its inability to meet the deal closure deadline, the company's admission led Sony officials to express their readiness to abandon the agreement.

A one-year ban imposed by the Securities and Exchange Board on Punit Goenka and his father, Subhash Chandra, was later overturned by the Securities Appellate Tribunal. Ahead of the January 20 deal closure deadline, Sony insists on the removal of Goenka for the deal to progress. Nevertheless, Goenka, Zee's current head, remains resistant to relinquishing his position.

Sony Pictures Entertainment, confronted with challenges stemming from Zee's financial health and unmet conditions, has reportedly extended an offer to Punit Goenka for an advisory role in the new entity, emphasizing his exclusion from the board during ongoing regulatory investigations. As Sony Group Corp. convenes a board meeting to decide on the $10-billion merger on Friday, the Zee faction contends that Goenka's appointment as managing director and chief executive officer is integral, and part of the original agreement.

Sony, however, will remain cautious of any potential hostile takeover. If the Zee-Sony merger goes through, it would create a robust 74-channel entity, signifying a pivotal move in India's evolving media landscape. One would remember that Disney India and Viacom of Reliance Industries are looking at a potential merger, and have signed a non-binding term sheet.