Endless TV opera | Mint

Endless TV opera | Mint

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Clouds of uncertainty over the Zee-Sony merger may have partially lifted, thanks to the Securities Appellate Tribunal (SAT) on Monday setting aside an order by the Securities and Exchange Board of India (Sebi) that had barred Zee promoters Subhash Chandra and his son Punit Goenka from holding any key position. 

Since Goenka was to head the merged entity, the plan that had been held up by Sebi’s order can now proceed, at least technically. Should Sebi challenge the latest order in a higher court, though, there may be yet another twist ahead. Recall that the market watchdog had sought to bar Goenka and Chandra on allegations of financial wrongdoings at Zee. That investigation is still underway, and the SAT has directed the father-son duo to cooperate in it. 

Meanwhile, consolidation within India’s TV news-and-entertainment industry, where the Zee-Sony combine was set to take a dominant position, has kept eyeballs riveted for potential action elsewhere. Recent reports suggest that Disney-Hotstar has been in talks for a full sellout to Reliance, which has been upping the ante in the steaming arena with its Jio apps. We may eventually have a two-way contest of TV majors. 

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Updated: 30 Oct 2023, 09:10 PM IST

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