Sony Ends $10 Billion Merger With India Media Giant Zee

Sony Ends $10 Billion Merger , With India Media Giant Zee.

The deal was called off on Jan.

22, CNN reports.

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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.

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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.

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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.