Sony’s Indian division has abandoned plans for a proposed merger with Zee Entertainment, a move that would have created one of India’s largest entertainment conglomerates.
The $10 billion merger, initially disclosed two years ago, aimed to unite over 75 television channels, film assets, and two streaming platforms. Sony cited unmet merger conditions as the reason for the cancellation, but rumors suggest a leadership dispute may be at the core. Zee, in response, hinted at potential legal action against Sony.
Originally, Zee’s CEO Punit Goenka was slated to lead the merged entity, but Sony reportedly expressed dissatisfaction following a regulatory probe into Mr. Goenka by India’s market regulator.
In reply, Zee stated that Sony is seeking a $90 million (£70.8 million) termination fee for alleged breaches of the merger terms, vehemently denying the allegations.
