Sony Group Corp‘s Indian unit said on Tuesday that it has not yet agreed to prolong a merger deadline with India’s Zee Entertainment Enterprises, days after the latter sought an extension.
Shares of Zee Entertainment were down 4.2 percent, Reuters reported.
The merger to create a $10 billion media and entertainment powerhouse, which was announced in 2021, had a Dec. 21 deadline to close.
“The notice (from Zee) triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline,” Sony Pictures Networks India (SPNI) said in a statement.
“SPNI is required to start those conversations but has not yet agreed to a deadline extension,” it said, adding that it would hear Zee’s proposals and how it plans to complete the remaining critical closing conditions.