Stay updated with breaking news from Subhash Chandra. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The Japanese entertainment giant sent a termination letter to Zee early on Monday and is expected to disclose it to the exchange later, said people familiar with the plan, who asked not to be identified as the announcement is not yet public.
Sony "terminated" on Monday the $10-billion merger of its Indian operations with local rival Zee Entertainment that would have created a new streaming giant in the world's most populous nation.But with reports that Sony was unhappy with Zee's performance since the merger was agreed in late 2021, the Japanese giant said Monday that conditions to close the deal "were not satisfied".
Sony "terminated" on Monday the $10-billion merger of its Indian operations with local rival Zee Entertainment that would have created a new streaming giant in the world's most populous nation.
The deadline for the deal, first announced in December 2021, has lapsed. Zee had sought an extension of the "good faith" negotiations last week.
Sony calls off its $10 billion merger with Indian TV giant Zee, says two years of negotiations are enough.