Sony terminates merger deal with ZEE
Sony Pictures Entertainment has terminated its merger deal with ZEE Entertainment Enterprises Limited (ZEEL).
An official statement from Sony Pictures Entertainment said, “Culver Max Entertainment (CME) today issued notice to Zee Entertainment Enterprises Ltd. (ZEEL) terminating the agreement dated December 22, 2021, to merge ZEEL and CME.
“Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date.
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“We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”
The proposed ZEE-Sony merger was announced in December 2021. The timeframe at the time given for the completion was 21st December 2023. However, the deadline was extended on the request of ZEE. At the time, Punit Goenka was to be the Managing Director and CEO of the new merged entity for five years. However, Sony rejected the plans over time due to a market regulator probe into Goenka.
