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ZEEL has, on account of Culver Max's and BEPL's breaches under the Merger Cooperation agreement (MCA), terminated the MCA by issuing a letter dated May 23, 2024., Companies News - Times Now
Culver Max and BEPL have failed to comply with their obligations as part of agreement in December 22, 2021, says Zee
Zee Entertainment made headlines on Thursday by terminating its $10 billion media deal, demanding a $90 million termination fee from Sony Group Corporation's India media unit, Culver Max Entertainment, and Bangla Entertainment Pvt. Ltd. (BEPL). Previously, the media company disclosed that it had suffered merger-related expenses of Rs 432 crore between 2023-24 and 2022-23 due to the unsuccessful merger attempt with Sony Group Corporation's India media unit, Culver Max Entertainment.
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.
NTPC, Hindalco, Bosch, Ashok Leyland, Hindustan Copper, Glenmark Pharma, Aegis Logistics, Manappuram Finance, Suzlon Energy, Torrent Pharmaceuticals, and United Spirits will announce their March quarter earnings on May 24.