Puneet Goenka flies to LA, will Zee seal the merger with Sony?

Zee is rushing against time to seal the merger deal with Sony in the 90-day period prescribed by it's arrangement. To ward off a management change by Invesco, Zee CEO Punit Goenka travelled to Los Angeles last week and met the senior leadership of Sony.

Invesco, the single-largest shareholder in ZEE with a 17.88% stake, has taken the company to the courts over management control and other issues.

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Sources tell ET that Zee and Sony are set to sign a binding merger agreement before Christmas. The merger will include a rejig of the board where five of the nine-member board will likely be top Sony executives.

While Goenka will mostly continue to lead the merged company as its CEO, he will be the only ZEE executive to have a board seat as per reports.