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<keyword id="19941210" type="General" weightage="20" keywordseo="Kangana-Ranaut" source="keywords">Kangana Ranaut</keyword>’s much-anticipated film Emergency, a biographical drama centered on former Prime Minister <keyword id="19913949" type="General" weightage="20" keywordseo="Indira-Gandhi" source="keywords">Indira Gandhi</keyword>, has been delayed due to a certification battle with the Central Board of Film Certification (CBFC). Initially slated for a September 6 release, the film has faced hurdles as the CBFC's revising committee suggested certain cuts before issuing a certificate. The <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Bombay High Court" meta.hostid="261" meta.entityid="Bombay High Court">Bombay High Court</keyword> is now involved, with further hearings scheduled, raising questions about when the film will finally hit theatres. <h2>The battle for certification</h2>On Thursday, the CBFC told the Bombay High Court that a certificate would be issued to Emergency only if the recommended cuts were made. Ranaut, who directed, co-produced, and stars as Indira Gandhi in the film, had accused the CBFC of intentionally delaying the film's release by withholding certification. She suggested that the delay was politically motivated, especially given the upcoming elections in states like Haryana. The film's co-producer, <keyword id="20068359" type="General" weightage="20" keywordseo="Zee-Entertainment" source="keywords">Zee Entertainment</keyword> Enterprises, took the matter to court, seeking a directive for the CBFC to issue the required certificate. The division bench of Justices B.P. Colabawalla and Firdosh Pooniwalla expressed frustration with the CBFC’s indecision. In a previous hearing, the court had remarked that the censor board cannot sit on a fence and has to take its decision one way or the other as it would otherwise amount to curtailing the freedom of speech and expression. In response to the court’s directive, CBFC’s counsel Abhinav Chandrachud explained, “The committee has suggested some cuts before a certificate can be issued and the movie can be released.” Senior counsel Sharan Jagtiani, representing Zee Entertainment, requested more time to decide whether these cuts could be accepted, with the court now awaiting a final decision in the next hearing scheduled for September 30. The delay in certification stems partly from objections raised by some <keyword id="23262146" type="General" weightage="20" keywordseo="Sikh-organisations" source="keywords">Sikh organisations</keyword>, including the Shiromani Akali Dal, accusing the film of misrepresenting their community and historical facts. This controversy has only added to the uncertainty surrounding the film’s release, as sensitive portrayals of political and historical events often attract close scrutiny in India. <h2><keyword id="23323607" type="General" weightage="20" keywordseo="political-motivations" source="keywords">Political motivations</keyword></h2>The controversy has led to speculation about political motivations, with Zee Entertainment alleging that the certificate was being withheld due to the upcoming elections in Haryana. This claim has raised eyebrows, given that Kangana Ranaut has been a vocal supporter of the Bharatiya Janata Party (BJP) and is herself a BJP MP. The court even wondered aloud why the ruling party would take issue with the film. Emergency was expected to be a major release, particularly due to its portrayal of one of the most significant and controversial periods in Indian political history — the 1975-1977 Emergency imposed by then-Prime Minister Indira Gandhi. However, the film’s release is now dependent on the outcome of the ongoing court proceedings and whether Kangana Ranaut and Zee Entertainment are willing to comply with the CBFC’s suggested edits. The CBFC’s recommended cuts have not been publicly disclosed, leaving many wondering what specific elements of the film are in dispute. With the next court hearing scheduled for September 30, it remains to be seen whether Emergency will make its way to theatres soon or face further delays. (With inputs from PTI)

What will it take for Kangana Ranaut’s 'Emergency' to finally hit theatres?

<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

<ul><li>The deal, announced in September last year, has received the <keyword id="139820" type="General" weightage="80" keywordseo="competition-commission" source="Orion">Competition Commission</keyword> of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s nod. </li><li>The deal remains subject to applicable regulatory and other approvals, <keyword id="353090" type="General" weightage="80" keywordseo="zeel" source="Orion">ZEEL</keyword> said.</li><li>The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and <keyword id="6358540" type="General" weightage="100" keywordseo="sony" source="Orion">Sony</keyword> LIV) and two film studios (<keyword id="3415325" type="General" weightage="50" keywordseo="zee-studios" source="Orion">Zee Studios</keyword> and Sony Pictures Films India). </li></ul> The Competition Commission on Tuesday gave its conditional approval to the mega-merger deal between Sony and <keyword id="6372205" type="General" weightage="80" keywordseo="zee" source="Orion">Zee</keyword> that will create one of the largest media groups in the country. The deal, announced in September last year, has received the Competition Commission of India's nod after the regulator accepted "voluntary remedies" proposed by the parties, sources close to the development said. In a tweet, the watchdog said it has cleared the deal with certain modifications. CCI said it has approved the "amalgamation of <keyword id="1417408" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-limited" source="Orion">Zee Entertainment Enterprises Limited</keyword> (ZEEL) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (<keyword id="55015" type="General" weightage="80" keywordseo="cme" source="Orion">CME</keyword>), with certain modifications". Details about the proposed modifications could not be immediately ascertained. CCI had issued show cause notices to the parties after it initially concluded that the deal could have an adverse impact on competition, the sources said. Subsequently, the parties proposed voluntary remedies, which have been accepted by the regulator, they added. ZEEL said CCI has granted the approval in phase-1 after evaluating the official legal and economic submissions made by the company. Most of the deals get cleared by CCI in phase-1 and only if there are serious concerns then the deal concerned is put up for public scrutiny under phase 2. "Considering the immense value which the proposed merger will generate for all its stakeholders, the company has offered the necessary remedies in accordance with the regulator's guidelines," ZEEL said, adding that further details are awaited. On September 7, the National Company Law Tribunal (NCLT) had advised the company to convene and conduct the meeting with its shareholders on October 14 to seek their approval for the proposed merger. The deal remains subject to applicable regulatory and other approvals, ZEEL said. In a separate statement, Sony Pictures Networks India said it is delighted to receive CCI approval for the merger. "We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future," it said. Culver Max Entertainment Private Limited was earlier known as Sony Pictures Networks India Pvt Ltd. Deals beyond certain thresholds require the approval of CCI, which keeps a tab on unfair business practices and also promotes fair competition in the marketplace. Both parties had entered into a definitive agreement for the deal in December last year and the proposed merger has already received approval from stock exchanges NSE and BSE. ZEEL, in September 2021, said it has entered into a non-binding term sheet with SPNI to bring together their linear networks, digital assets, production operations and programme libraries. The combined entity will own over 70 TV channels, 2 video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India), making it the largest entertainment network in India, ZEEL said in September last year. Under the deal, there will be amalgamation of ZEE and BEPL with CME. Besides, preferential allotment of certain shares will be made by CME to Sunbright International Holdings Limited, earlier known as Essel Holdings Limited, and Sunbright Mauritius Investments Limited, according to a release issued by CCI. CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). CME has several general entertainment channels, film, sports and kids' entertainment channels in India. SonyLIV is CME's digital entertainment video service which provides OTT services in India and international markets. CME reaches out to over 700 million viewers in India and is available in 167 countries. BEPL is an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. It is broadly engaged in the acquisition of rights for motion pictures, events and other TV cont ent; and in generating advertising revenue from the telecast of TV content. ZEE is a media and entertainment company, with presence across the segments of broadcasting, digital content, movies, music and live entertainment, spread over 190 countries, as per the release. ZEE5 is the company's digital entertainment video service which provides OTT services in India and international markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-to-begin-beta-trial-of-5g-in-four-cities-on-dussehra-with-unlimited-data/articleshow/94645577.cms">Reliance Jio to begin beta trial of 5G in four cities on Dussehra with unlimited data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/with-950-billionaires-asia-outnumbers-all-other-regions-forbes/articleshow/94644883.cms">With 950 billionaires, Asia outnumbers all other regions: Forbes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a>

Competition Commission gives conditional approval to Sony-Zee merger deal

<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

<ul><li><keyword id="3441386" type="General" weightage="20" keywordseo="sony-pictures-networks-india-private-limited" source="Orion">Sony Pictures Networks India Private Limited</keyword> (SPNI) and Zee Entertainment Enterprises Ltd have entered a definitive agreement to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries.</li><li><keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword> will lead the combined company as its Managing Director &amp; CEO. </li><li>The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, NP Singh.</li></ul>Sony Pictures Networks India Private Limited (SPNI) and <keyword id="381258" type="General" weightage="20" keywordseo="zee-entertainment-enterprises-ltd-" source="Orion">Zee Entertainment Enterprises Ltd.</keyword> (ZEEL) today announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and program libraries. The agreements follow the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. After closing, the new combined company will be publicly listed in India. The closing of the transaction is subject to certain customary closing conditions, including regulatory, shareholder, and third-party approvals. Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 Bn (assuming an INR:USD exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL, to enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities. SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc. (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, which would eventually equal approximately 2.11% of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86% of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15% stake. Punit Goenka will lead the combined company as its Managing Director &amp; CEO. The majority of the board of directors of the combined company will be nominated by the Sony Group and will include the current SPNI Managing Director and CEO, NP Singh. On closing, Singh will assume a broader executive position at SPE as Chairman, <keyword id="833633" type="General" weightage="20" keywordseo="sony-pictures-india" source="Orion">Sony Pictures India</keyword> (a division of SPE) reporting to Mr. <keyword id="212528" type="General" weightage="20" keywordseo="ravi-ahuja" source="Orion">Ravi Ahuja</keyword>, SPE’s Chairman of Global Television Studios and SPE Corporate Development. The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms. The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value. Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players. As part of the definitive agreements, the promoters (founders) of ZEEL have agreed to limit the equity that they may own in the combined company to 20% of its outstanding shares. This construct does not provide the promoters (founders) of ZEEL any pre-emptive or other rights to acquire equity of the combined company from the Sony Group, the combined company or any other party. Any shares purchased by the promoters (founders) of ZEEL, must be in compliance with all applicable laws including any pricing guidelines. Commenting on this development, Punit Goenka, MD &amp; CEO, ZEE Entertainment Enterprises Ltd. said, “It is a significant milestone for all of us, as two leading media &amp; entertainment companies join hands to drive the next era of entertainment filled with immense opportunities. The combined company will create a comprehensive entertainment business, enabling us to serve our consumers with wider content choices across platforms. I am immensely grateful to the teams at ZEEL, SPE and SPNI for their efforts, that swiftly led us to this point within the stipulated timelines. This <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> presents a significant opportunity to jointly take the businesses to the next level and drive substantial growth in the global arena. I look forward to working with the guidance of the esteemed members of the combined company’s board to unlock the potential of this merger, and I wish <keyword id="1436102" type="General" weightage="20" keywordseo="n-p-singh" source="Orion">N.P. Singh</keyword> all the best in his new role at SPE. His contribution to the Indian media &amp; entertainment industry has been invaluable. I am most certain that our collective wisdom, rich experience and expertise will lead to a more value accretive and exciting company for our shareholders and employees, and a more engaging one for our customers and partners.” “Today marks an important step in our efforts to bring together some of the strongest leadership teams, content creators, and film libraries in the media business to create extraordinary entertainment and value for Indian consumers,” said Ravi Ahuja, SPE’s Chairman of Global Television Studios and SPE Corporate Development. “I want to thank Punit and his team at ZEEL and the small army of people at SPE and SPNI who have worked so hard to get us to this point. I especially want to thank NP Singh, who presented us with the idea to explore this merger well over a year ago. N.P. has done extraordinary work building SPNI to what it is today, and we look forward to continuing our work with him in his new role after closing.” MD &amp; CEO, SPNI, N.P. Singh, added, “This merger will create a company that’s best in class and will redefine the contours of the media and entertainment industry. As a representative of SPE on the Board of the new merged company, it will be my endeavour to provide strategic guidance and support to the company’s operating team in achieving our vision. I am also excited at the opportunity of being appointed, Chairman, Sony Pictures India, to oversee SPE’s investments and craft a wider footprint for Sony in India.” SPE was advised on this transaction by Morgan Stanley, KPMG Corporate Finance, and Shardul Amarchand Mangaldas &amp; Co. ZEEL was advised by KPMG, JP Morgan, Trilegal and Boston Consulting Group.

Sony and Zee Entertainment sign definitive agreements to merge, Punit Goenka to lead combined company as MD & CEO

<ul><li>ZEEL has launched a new Music Channel called <keyword id="9936704" type="PERSON" weightage="20" keywordseo="zee-vajwa">Zee Vajwa</keyword>. </li><li>Zee Vajwa, Kshann Gaajwa is its tagline.</li></ul><keyword id="141413" type="DOMAIN" weightage="20" keywordseo="Zee-Entertainment-Enterprises">Zee Entertainment Enterprises</keyword> Limited (ZEEL) has announced its entry into the <keyword id="9936703" type="UNKNOWN" weightage="20" keywordseo="regional-music-space">regional music space</keyword> with the launch of its <keyword id="9936705" type="UNKNOWN" weightage="20" keywordseo="marathi-music-channel">Marathi music channel</keyword> – Zee Vajwa. The network has already captured 57% viewership share in Maharashtra with Zee Marathi, Zee Yuva and Zee Talkies. It will offer 3000+ playlists and a music++ experience for the viewer with many category firsts that amplify moments &amp; create various mahauls through the day. Speaking on the launch, Ashish Sehgal, Chief Growth Officer, ZEEL said, “As an organization, we have gained in both viewership &amp; revenue due to our diverse portfolio across markets. And, believe in constantly strengthening our product portfolio keeping the customer at the centre thereby adding value to all our stakeholders. Our dominant position across markets echoes our customer-centricity. Our growing viewership and revenue share in Maharashtra is a reflection of our successful journey so far. Our objective has always been to provide holistic surround to our consumer/customer &amp; in Maharashtra, with Zee Vajwa, we see an opportunity for us to not only strengthen our Music cluster but further gain viewership/revenue shares as well. We are excited to dial up the impact for advertisers this festive period.” Commenting on the much-awaited launch of its first regional music channel, <keyword id="3387826" type="COMPANY" weightage="20" keywordseo="Prathyusha-Agarwal">Prathyusha Agarwal</keyword>, Chief Consumer Officer, ZEEL said, “We win hearts across many Bharats by creating content brands that are deeply rooted in culture. All 4 regional channels that we launched last year broke into the top 3 in their respective categories within their launch month, with Zee Biskope rising to no. 1, and Zee Picchar &amp; Zee Punjabi in the top 2*. We are the undisputed leader in Maharashtra with our GEC and movie channels and the launch of Zee Vajwa will be a celebration of our intrinsic bond with every Maharashtrian family, through music. Music on TV is perceived to play a passive background role in the consumer’s life. But in a country like India, a song becomes a chartbuster when it becomes an integral part of a celebration – such as Ganpati Visarjan, sangeet ceremony, etc. Music becomes an active way to enjoy, express and celebrate, creating an amplified mahaul (ambience). This externalized and shared culture of music is at the core of Zee’s music channel positioning. With Zee Vajwa we promise to dial up every moment for our viewers with a music++ experience, so that they live life to the fullest.” Vishnu Shankar, Business Cluster Head, &amp;TV and Music cluster, ZEEL said, “We are extremely pleased to announce the launch of our first regional music channel, Zee Vajwa. Besides strengthening our regional portfolio, it is a great opportunity for us at ZEEL to offer content that connects so deeply with our consumers. Music has always been deeply ingrained in our Indian way of life and its traditions. To be able to offer a platform which allows our viewers to enjoy and connect over music that resonates with their specific culture and values, is deeply gratifying.” ZEE Vajwa promises an immersive visual experience never seen before in the regional music category with a design world inspired by the ‘volume dial’ that aptly brings alive our promise of ‘amplifying every moment’. Each element of the design – colors, characters, music symbols and our sonic identity have been created to ensure a deep-seeded connect with the youth while being culturally relevant. The channel will have a stellar programming line-up which will include 3000+ music playlists created with a strong library of songs. One of the key differentiators would be experiential music slots with several category firsts which will truly amplify the moment for the audiences. The Marathi viewer is extremely proud of their culture and the channel will celebrate it by giving the youth a platform to voice their opinions and be heard. A category first, Zee Vajwa will also have a non-fiction show in the comedy genre. The logo of Zee Vajwa was unveiled by Marathi film industry stalwarts -- <keyword id="1493322" type="PERSON" weightage="20" keywordseo="Swwapnil-Joshi">Swwapnil Joshi</keyword> &amp; Siddharth Jadhav during the prestigious Zee Chitra Gaurav Puraskar 2020. Zee Vajwa is set to launch this October.

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