Sony sends termination letter to Zee over India merger

Sony Ends $10 Billion Merger , With India Media Giant Zee. The deal was called off on Jan. 22, CNN reports. . According to Sony, “the closing conditions to the merger were not satisfied.”. However, the company “does not anticipate any material impact on its consolidated financial results as a result of the termination of the definitive agreements for the merger.”. Sony expects Zee to pay a $90 million termination fee “on account of alleged breaches.”. Mumbai-based Zee “categorically denies all the assertions … including their claims for the termination fee,” according to a statement made by the company. . Zee is reportedly “evaluating all the available options.”. While the deal's unmet conditions weren't specified, . there is speculation that the two companies disagreed about who would lead the entity following the merger. . Zee wanted its CEO, Punit Goenka, to run things, . but Sony wasn't happy with that choice, considering Goenka is being investigated by India's market regulator, according to reports by Reuters.

Zee Entertainment dismisses rumours about the termination of the $10 billion merger with Sony India. ZEEL is dedicated to ensuring the successful completion of...

Sony Corp terminates the $10 billion merger between its India unit and Zee Entertainment Enterprises due to unmet conditions. Disagreements over leadership and a...