India  

Sony Ends $10 Billion Merger With India Media Giant Zee

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Sony Ends $10 Billion Merger With India Media Giant Zee

Sony Ends $10 Billion Merger With India Media Giant Zee

Sony Ends $10 Billion Merger , With India Media Giant Zee.

The deal was called off on Jan.

22, CNN reports.

.

According to Sony, “the closing conditions to the merger were not satisfied.”.

However, the company “does not anticipate any material impact on its consolidated financial results as a result of the termination of the definitive agreements for the merger.”.

Sony expects Zee to pay a $90 million termination fee “on account of alleged breaches.”.

Mumbai-based Zee “categorically denies all the assertions … including their claims for the termination fee,” according to a statement made by the company.

.

Zee is reportedly “evaluating all the available options.”.

While the deal's unmet conditions weren't specified, .

There is speculation that the two companies disagreed about who would lead the entity following the merger.

.

Zee wanted its CEO, Punit Goenka, to run things, .

But Sony wasn't happy with that choice, considering Goenka is being investigated by India's market regulator, according to reports by Reuters.


You Might Like


💡 newsR Knowledge: Other News Mentions

Sony Sony Japanese multinational conglomerate corporation

Lyfe Jennings Re-Recording Music Taylor Swift-Style, Claims Sony Owes Him $15M

Lyfe Jennings is claiming his old record label Sony Music owes him $15 million, and they're dragging their feet about paying him -- but he's focused on getting..
TMZ.com

Mumbai Mumbai Capital of Maharashtra, India

India v New Zealand - third Test scorecard

Latest scorecard from the third Test between India and New Zealand in Mumbai.
BBC Sport
Mumbai Flooded: Heavy Rains Disrupt Life, Ground Trains and Flights—Is This the New Normal? [Video]

Mumbai Flooded: Heavy Rains Disrupt Life, Ground Trains and Flights—Is This the New Normal?

Mumbai is facing severe disruptions as heavy rains inundate the city and its suburbs, leading to significant waterlogging and chaos in transportation. With local trains affected and many flights diverted, the situation is critical. The India Meteorological Department has issued a red alert, prompting school closures and warnings for residents to stay indoors. In this video, we explore the impact of the relentless downpour, the government’s response, and what residents can expect in the coming days. Will Mumbai be able to cope with the increasing intensity of monsoon rains? #MumbaiFloods #HeavyRain #MumbaiWeather #Flooding #SchoolClosures #TransportationDisruptions #RedAlert #IndiaMeteorologicalDepartment #Monsoon2023 #UrbanFlooding ~PR.274~ED.194~GR.122~HT.318~

Credit: Oneindia    Duration: 03:08Published

Related news from verified sources

Sony plans to call off $10 billion merger with Zee: Report

Sony Group plans to cancel the merger pact of its India unit with Zee Entertainment Enterprises due...
IndiaTimes - Published

Zee Entertainment refutes reports about termination of the Zee-Sony merger

Zee Entertainment dismisses rumours about the termination of the $10 billion merger with Sony India....
IndiaTimes - Published

Zee denies report on Sony calling off merger, stock dives

Zee on Tuesday denied reports that said Sony was planning to call off the merger even as the stock...
IndiaTimes - Published