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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
  Report
End-of-day quote. End-of-day quote Japan Exchange - 10/26
13410 JPY   +2.64%
04:35aIndia's Zee cancels board meeting on quarterly results
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Sony : Zee Entertainment investors renew board reshuffle demand - Business Standard

09/27/2021 | 01:46am EDT
A guard stands next to a banner of Zee television outside a film studio in Mumbai

BENGALURU (Reuters) - Top shareholders of Zee Entertainment Enterprises renewed their call for an extraordinary general meeting to remove Chief Executive Punit Goenka from the board, the Business Standard reported, citing a letter.

The letter from Invesco and OFI Global China Fund dated Sept.23 follows the company's disclosure of a merger deal with Sony Group Corp's India unit last week.

Invesco and OFI did not immediately respond to Reuters request for comments, while Zee said it will take necessary action as per the law.

According to the Zee-Sony deal, the majority of directors of the merged entity will be named by Sony Group, while Goenka will become the managing director and CEO.

The deal was expected to ease the pressure Zee was facing from Invesco and OFI, which together hold a 17.88% stake, for a management reshuffle.

However, in the letter the two shareholders said Zee's disclosure of the deal was "symptomatic of the erratic manner in which important and serious decisions have been handled at the company".

Earlier this month, Invesco and OFI had asked Zee to remove Goenka and two directors and sought the appointment of independent directors to the media and entertainment company.

Last week, Zee and Sony signed an exclusive, non-binding term sheet, creating a television powerhouse with about 75 news, entertainment, sports and movie channels in more than 10 languages.

The combined entity would be India's biggest player, with a market share of 27%, outstripping that of top rival Walt Disney Co.

The two companies will conduct due diligence and finalise definitive agreements in 90 days to present the merger proposal to shareholders, they said.

Zee shares fell as much as 5.3% in morning trade.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SONY GROUP CORPORATION 2.64% 13410 End-of-day quote.30.38%
ZEE ENTERTAINMENT ENTERPRISES LIMITED 4.30% 317.5 Delayed Quote.36.20%
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Analyst Recommendations on SONY GROUP CORPORATION
More recommendations
Financials
Sales 2022 9 774 B 85 601 M 85 601 M
Net income 2022 778 B 6 817 M 6 817 M
Net cash 2022 787 B 6 890 M 6 890 M
P/E ratio 2022 21,4x
Yield 2022 0,46%
Capitalization 16 632 B 146 B 146 B
EV / Sales 2022 1,62x
EV / Sales 2023 1,48x
Nbr of Employees 109 700
Free-Float 98,2%
Chart SONY GROUP CORPORATION
Duration : Period :
Sony Group Corporation Technical Analysis Chart | 6758 | JP3435000009 | MarketScreener
Technical analysis trends SONY GROUP CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 20
Last Close Price 13 410,00 JPY
Average target price 15 345,00 JPY
Spread / Average Target 14,4%
EPS Revisions
Managers and Directors
Kenichiro Yoshida Co-Chairman, President & Chief Executive Officer
Hiroki Totoki CFO, Director, VP & Head-Business Administration
Shuzo Sumi Co-Chairman
Toru Katsumoto Chief Technology Officer, Executive VP, Head-R&D
Tsuyoshi Kodera Head-Information Systems & Security
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