Zee shares were up more than 8 per cent on Tuesday and closed at Rs 193, up Rs 14.35….reports Asian Lite News
Zee Entertainment has denied reports that the company is in talks to revive the merger with Sony.
Zee Entertainment said, “We would like to clarify that the company is not involved in any negotiations, or any other event as stated in an article, and we categorically confirm that the news item is factually incorrect.
“We wish to clarify that the company is not aware of any information that has not been announced to the exchanges, which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the article on the company.”
Zee shares were up more than 8 per cent on Tuesday and closed at Rs 193, up Rs 14.35. The bounce in the stock was attributed to reports that Zee and Sony were in talks again to revive the merger.
Zee Entertainment Enterprises has written to SEBI that “continuous and repetitive” investigations can potentially impact the merger process…reports Asian Lite News
Sony’s board of directors is said to be unhappy with developments and is looking at invoking force majeure and material adverse clause in the shareholder agreement in the proposed merger with Zee Entertainment in India.
The lawyers on both sides, Shardul Shroff representing Sony Pictures Entertainment India and Economic Law Practice for Zee will be busy in the next few days as the unravelling of one of the expected biggest entertainment media mergers takes place.
Whether this will lead to Damages for Reps and Warranties Breaches remains a matter of conjecture?
In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders.
It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL Managing Director (MD) and Chief Executive Officer (CEO) Punit Goenka as “completely false and misleading” in its response submitted to SAT on June 17.
“We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons. The appellant’s conduct is telling in this regard. Not only have there been violations but also the issuance of multiple false disclosures and submission of statements to cover up such wrongdoings,” Sebi said in a 197-page affidavit to SAT.
Zee Entertainment Enterprises has written to SEBI that “continuous and repetitive” investigations on the same cause of action creates prejudice for the Company and Shareholders and can potentially impact the merger process.
SEBI has given a No Objection Certificate (NOC) to the Composite Scheme of Merger in the matter of ZEEL and Sony Pictures Networks India Pvt. Ltd. (Sony), which is one of the largest integrations of industry majors in the media industry and entails an incoming foreign direct investment of $1.7 billion (approx.) into India.
In a letter to SEBI, Zee said, “please note that the said merger is at an advanced stage post receipt approvals from various regulators (including SEBI, Stock Exchanges and CCI etc.) and the scheme is also approved by 99.9 percent of the equity shareholders of ZEEL”.
Zee said it may also be noted that the transactions in the present matter pertain to the year 2019 and a detailed explanation has already been provided to Stock Exchanges and SEBI.
“It is beyond our comprehension as to why the present matter is being re-investigating/re-examining, when the cause of action pertaining to the matter is around 4 years old,” the company said.
In an official video posted by ‘Sony-Global’, virtual avatars are running around the stadium and field, dancing and celebrating together…reports Asian Lite News
Tech giant Sony has shown a brief look of the metaverse experience it is building with the football club Manchester City at the Consumer Electronics Show (CES) 2023.
Sony and Manchester City are calling this experience a “proof of concept” (PoC), which will allow players to participate in activities at a virtual version of the team’s Etihad Stadium with their own custom avatars, reports The Verge.
In an official video posted by ‘Sony-Global’, virtual avatars are running around the stadium and field, dancing and celebrating together.
Avatars, 3D images and “other expressions unique to the metaverse” will allow players to communicate “in a new way,” Nami Iwamoto, a senior product planner at Sony, said during the tech giant’s CES 2023 keynote.
Another video demonstrated how Sony used “just seven sensors” to record footage and volumetric data of Manchester City players in order to digitally recreate them in this metaverse space.
According to a tech giant’s spokesperson Yo Kikuchi, the “app” will be released this year, but it is still unclear if the avatar creation, virtual stadium and highlights will all be included in that application.
The partnership was first announced in November 2021. At the time, both Sony and Manchester City used the term “metaverse” and described the effort as a PoC, the report said.
The new car will be sold first in the US in 2026 and pre-orders are said to open in 2025…reports Asian Lite News
Tech giant Sony and automaker Honda’s joint mobility venture unveiled a new electric vehicle (EV) prototype ‘Afeela’ at the Consumer Electronics Show (CES) 2023 in Las Vegas.
The new car will be sold first in the US in 2026 and pre-orders are said to open in 2025, reports The Verge.
According to Sony Honda Mobility CEO Yasuhide Mizuno, the car would leverage Sony’s experience with artificial intelligence (AI), entertainment, virtual reality (VR) and augmented reality (AR) to present a unique EV.
“Afeela represents our concept of an interactive relationship where people feel the sensation of interactive mobility and where mobility can detect and understand people and society by utilising sensing and AI technologies,” Mizuno said in a statement.
Over 40 sensors, including cameras, radar, ultrasonic and lidar, will be embedded all over the exterior of the vehicle to improve its ability to detect objects and drive autonomously.
Mizuno also said that Afeela will attempt to embody three main themes — autonomy, augmentation and affinity. The prototype unveiled on stage was a sedan with a light bar across the front and a high-gloss black roof.
Moreover, Sony said it expects its software to provide subscription services, so vehicle owners will likely have to pay a monthly fee to access certain features.
Bungie will “continue to independently publish and creatively develop our games,” its CEO Pete Parsons had said in a statement earlier this year…reports Asian Lite News
Japanese giant Sony has closed the $3.6 billion acquisition of Bungie, the developer of Destiny and the original creator of the hugely popular Halo franchise.
“The agreement to acquire Bungie has closed. So now we can officially say” welcome to the PlayStation family,” the company said in a tweet late on Friday.
The Sony-Bungie acquisition evaded the antitrust scrutiny while Microsoft’s $68.7 billion acquisition of Call of Duty’ maker Activision Blizzard is facing formal investigations in the US, the UK and South Korea.
Bungie will “continue to independently publish and creatively develop our games,” its CEO Pete Parsons had said in a statement earlier this year.
Halo was one of Microsoft Xbox’s flagship franchises, but after a few sequels, Bungie was spun out into an independent company.
Sony. (Photo: Twitter/@Sony)
In 2013, Bungie launched the Destiny game which became a huge hit.
“We will be ready to welcome and support Bungie as they continue to grow, and I cannot wait to see what the future holds for this incredible team,” said Hermen Hulst, Head of PlayStation Studios.
After acquiring Bungie, Sony said it plans to launch more than 10 new live service games by March 2026.
Bungie’s next IP, codenamed Matter, is rumoured to be a “multiplayer action game” with “character-based” gameplay.
Bungie said last year that its next IP will launch before 2025. But that’s just one game out of the 10, and Eurogamer points out that there are signs of many more in the works.
Meanwhile, in a bid to expand its gaming footprint, tech giant Sony has launched new headsets and monitors under a new brand called “Inzone”.
The new lineup, launched in Singapore, will feature two new wireless headsets, the Inzone H9 with 32 hours of battery life and Inzone H7 with 40 hours of battery life, along with a wired headset, the Inzone H3.
All three models are equipped with a flexible flip-up boom microphone with a mute function, allowing users to communicate effortlessly in-game with squad members.
“With Sony’s strong history of high-end audio and visual technology products, we believe this new line will offer even more options for those looking to upgrade their current gaming systems,” Yukihiro Kitajima, Head of Game Business and Marketing Office, Sony Corporation, said in a statement.
“We are committed to contributing to the growth of gaming culture by providing PC and PlayStation gamers with a wider range of options to enrich lives through gaming,” Kitajima added.
The company said that Inzone monitors, which are not available in the Asia Pacific region, feature incredible, high-resolution and high-dynamic-range pictures, while the headsets include superior sound and 360 Spatial Sound for gaming.
Inzone H9 and Inzone H7 include an on-screen indication, so players can easily adjust settings on their headset and see the settings reflected on the screen in the PlayStation5 Control Center, along with gaming and chat balance, allowing players to change the volume balance between game audio and voice chat from the headset. It also comes packed with features including the ability to work with Tempest 3D AudioTech, which allows players to enjoy the immersive sounds when gaming with greater spatial expression.
The high resolution enables the camera to express smooth gradation, fine details and textures of the subject while reducing noise…reports Asian Lite News
Tech giant Sony India on Thursday launched a new flagship camera — Alpha 7 IV — with a newly developed 33MP full-frame image sensor for Indian consumers.
Priced at Rs 2,42,490, the new Alpha 7 IV is now available across online and offline stores.
“Alpha 7 III has been an incredible addition to the A-series and has made a tremendous impact in our industry by completely redefining the consumer expectations,” Mukesh Srivastava, Head of Digital Imaging Business at Sony India, said in a statement.
“Now with A7 IV, we are ready to break through all existing boundaries again. The Alpha 7 IV brings together the best of Sony imaging technologies in both photo and video to deliver a high-end experience to a wider range of customers,” he added.
The company said that the new camera takes ‘basic’ to the next level for full-frame cameras with excellent image quality and performance, redefining the original standard set by the Alpha 7 III.
It boasts 33MP resolution, rich movie expression and various features to support the growing demand for remote communication.
With a newly developed 33MP full-frame back-illuminated Exmor R CMOS image sensor, superior image quality and Wide ISO sensitivity range expandable to ISO 50-204800 is said to be achieved.
The high resolution enables the camera to express smooth gradation, fine details and textures of the subject while reducing noise.
Its 15-stop dynamic range allows a wide expressive range while Creative Look settings can help to create original looks effortlessly for both stills and video.
SPNI has been present in India since 1995. But the network has not had a smooth run to either monetise its operations or expand it further from the present 26 TV channels, a film production and distribution unit and the widely-viewed streaming platform, SonyLIV…reports Asian Lite News.
Financially troubled Zee Entertainment Enterprises’ merger plan with Sony Pictures Networks India (SPNI) will hinge on what decision the shareholders take on the proposed move, but the current ZEEL management is confident that the proposal would sail through on account of the value it brings to the existing operations.
Speaking to IANS, R. Gopalan, Chairman, ZEEL, s`hown by the share price movement seen on the bourses.
“The value of the merged entity and the immense synergies drawn between both the organisations will not only help businesses grow, but will also enable the shareholders to benefit from its future successes. As per legal and regulatory guidelines, the proposal will be presented to the shareholders of ZEEL for their approval at the requisite time,” Gopalan said.
Asked whether ZEEL’s two of the largest shareholders – Invesco Developing Markets Fund and OFI Global China Fund, which have indicated no confidence on the current management of the company and have called for an EGM to oust the existing board members — could derail the current merger process, Gopalan said that “unlikely to happen”.
“The shareholders would see what value the current management is bringing. If things are only getting better for the company, I don’t see why the merger process gets rejected,” he said, clarifying that the call for an EGM by Invesco and OFI Global China and the merger plan are two separate issues, where the shareholders would take a call.
“Even Sony has reposed faith in the current management of ZEEL and has accordingly agreed to the five-year tenure of Punit Goenka as the MD in the merged entity. But Invesco and others want to remove the same team. It would be seen by all,” said Gopalan.
ZEEL shares jumped 10 per cent to Rs 281.20 after the company said its board has approved the merger between the firm and Sony Pictures Networks India.
The board of ZEEL has provided in-principle approval to the merger that would also see SPNI infusing growth capital of about $1.575 billion into the new merged entity for use in pursuing other growth opportunities.
The merger is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading media and entertainment company across South Asia.
The merger would not have come at a more opportune time for both the entities which were scurrying for newer initiatives to stay relevant in the highly-competitive market with wide scale transformation in Indian television landscape with increasing penetration of broadband services and regular launches of streaming video platforms.
SPNI has been present in India since 1995. But the network has not had a smooth run to either monetise its operations or expand it further from the present 26 TV channels, a film production and distribution unit and the widely-viewed streaming platform, SonyLIV.
ZEEL, on the other hand, has been fighting worsening financial conditions with its debt shooting up. The entity operates 66 linear television channels across 171 countries and is attempting to build the reach of its streaming platform, Zee5, around the world.
In 2019, Essel (parent of Zee) brought in financial advisers Goldman Sachs to see whether the owners could sell their stake in ZEEL. Sony and Essel held talks on a possible merger or buyout of operations in 2019 as well, but the talks could not reach any degree of finality.
Sony-Zee merger on track (IANS)
Essel is also understood to have held talks with James Murdoch’s Lupa Systems and Comcast, but it resisted selling the stake to a business rival.
In 2019, an agreement was reached to sell 16.5 per cent stake in ZEEL to US investment group Invesco Oppenheimer Developing Markets Fund that is currently running a battle with the existing ZEEL management and has called for an EGM to remove them over reported violation of corporate governance norms.
The merger will try to correct some of these anomalies that would also see rejig of few channels, while further sharpening the entities streaming services.
