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Zee

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business-entertainment2 years ago

"Sony Terminates $10 Billion Zee Merger, Seeks $90M Termination Fees"

Sony Corp has called off its proposed $10 billion merger with Zee Entertainment Enterprises, citing unmet merger conditions and seeking $90 million in termination fees. The two companies have been at odds over leadership of the combined entity, with Sony wanting its nominee to lead due to a regulatory investigation against Zee's proposed leader. Zee has refuted Sony's claims and plans to take legal action. The collapse of the merger is expected to have a negative impact on both companies, and comes amid market disruption and consolidation in the entertainment industry.

via IndiaTimes|
#business-entertainment#merger#regulatory-investigation
business2 years ago

Sony Cancels $10 Billion Merger with Zee Entertainment in India

Sony Group Corporation has terminated its $10 billion merger with Zee Entertainment Enterprises Limited in India after more than two years of negotiations, citing unsatisfied closing conditions. The termination may lead to legal disputes and financial implications, with both parties seeking termination fees. The decision was influenced by concerns over Zee's valuation, leadership disagreements, and market dynamics in India's TV and streaming sector. Sony now faces the challenge of either selling or expanding its Indian TV business amidst increasing competition and industry changes.

via Variety|
#business#entertainment#india
business2 years ago

Sony Terminates $10 Billion Merger Deal with Zee in India

Sony has sent a termination letter to Zee Entertainment Enterprises Ltd., officially calling off the merger between its India unit and the media network due to conditions of the merger agreement not being met, leaving Zee vulnerable to competition as rivals bulk up. The termination follows a stalemate over the leadership dispute involving Zee's CEO amid an investigation into his conduct by India's capital markets regulator. The collapsed deal would have created a $10 billion media giant, with Sony owning a 50.86% stake, and leaves Zee facing financial vulnerability and competition against stronger rivals as Reliance Industries Ltd. and Walt Disney Co. continue talks to merge their India media operations.

via NDTV|
#business#entertainment#india
business2 years ago

"Sony Set to Scrap $10 Billion Merger Deal with India's Zee Entertainment"

Sony Group Corp. is planning to cancel its $10 billion merger pact with Zee Entertainment Enterprises Ltd. in India due to a standoff over whether Zee’s CEO Punit Goenka would lead the merged entity, contrary to the agreement signed in 2021. Sony no longer wants Goenka as CEO amid a regulatory probe, capping two years of drama and delay in creating a media giant.

via Bloomberg|
#business#india#media