NEW DELHI, Jan. 22 (Xinhua) -- Sony Pictures Networks India announced on Monday that it terminated a merger with Zee Entertainment Enterprises Limited.
The 10 billion U.S. dollar merger deal announced on Dec. 22, 2021 was set to combine dozens of television channels, film assets and two streaming platforms.
Sony said merger conditions had not been met.
The merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then. The Sony side has been engaged in discussions in good faith to extend the end date, but the discussion period has expired without an agreement upon an extension of the end date.
As a result, on Jan. 22, 2024, Sony in a statement that it issued a notice to the ZEE side terminating definitive agreements,
Sony Pictures Networks India is a wholly-owned subsidiary of Sony Group Corporation of Japan.
In response, Zee said Sony was seeking a termination fee of 90 million dollars on account of alleged breaches by the ZEE side of terms of MCA (Merger Cooperation Agreement), invoking arbitration and seeking interim reliefs against the ZEE side.
Zee said that it will take appropriate legal actions against Sony. ■
