Jan 22, 2024
Sony calls off merger with India media giant Zee
Sony's Indian arm has scrapped a planned merger with Zee Entertainment which would have formed one of India's largest entertainment groups. Sony said merger conditions had not been met, but there have been reports of a disagreement over leadership. The closing date for the deal had been set as 20 January, but Sony said this was not met "As, among other things, the closing conditions to the merger were not satisfied by then". In a statement, Zee said that Sony was seeking a $90m termination fee as result of alleged breaches of the terms of the merger, but said it "Categorically denies" the allegations. Both firms have operated in India for years and own streaming platforms ZEE5 and SonyLIV. They also have a vast TV following with popular channels such as Sony MAX and Zee TV. The merger was also seen as key to providing a rival to the planned merger between Disney's Indian businesses and the media assets of Reliance Industries.
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