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As per the original merger plan, Sony would have held 51 per cent stake in the entity and promoters’ share would have been 4 per cent while the rest would have been held by the public
The two entities could have potentially combined their linear networks, digital assets, production operations and programme libraries to create a mega entertainment firm if the deal had gone through. What happened?
On Monday, Culver Max Entertainment, formerly known as Sony Pictures Networks India, terminated merger agreements with Zee Entertainment, which could have otherwise created a $10 billion media enterprise in the country
In another big blow, Sony is also seeking a termination fee of $90 million citing alleged breaches of the merger co-operation agreement (MCA) by Zee Entertainment.
Against a closing value of Rs 231.75 on Friday, ZEE shares fell 29.98 per cent to hit a low of Rs 162.25 on BSE. This was the fresh 52-week low level for the stock, which hit a 52-week high of Rs 299.50 last month on December 12.