Sony pulls plug on $10bn merger with Zee, seeks $90m termination fees
Tuesday, 23 January 2024 Sony Corp terminates the $10 billion merger between its India unit and Zee Entertainment Enterprises due to unmet conditions. Disagreements over leadership and a regulatory investigation against Zee's proposed MD Punit Goenka caused the deadlock. Sony seeks $90 million in termination fees and invokes arbitration. Zee refutes the claims and plans to take legal action.
Sony Ends $10 Billion Merger , With India Media Giant Zee.
The deal was called off
on Jan. 22, CNN reports. .
According to Sony, βthe closing conditions
to the merger were not satisfied.β.
However, the company βdoes not anticipate any material impact on its consolidated financial results...
Tuesday, 23 January 2024
