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On 22 January, Sony Group Corp., the Japanese parent of Sony Pictures Networks India (SPNI) and Bangla Entertainment Pvt. Ltd (BEPL), had announced the termination of the $10-billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.
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Culver Max Entertainment is seeking a $90 million termination fee from Zee Entertainment Enterprises due to alleged breaches of the Merger Co-operation Agreement (MCA). Zee denies the allegations and states that it holds all rights in the matter, suggesting legal action may be taken.
In a board meeting today, ZEE Entertainment Enterprises' (ZEEL) Board of Directors noted that all efforts and steps were taken by the company in line with the Merger Cooperation Agreement, approved by its shareholders and all regulatory authorities, , Sony-Zee Merger