Japan’s Sony Group Corp has sent a termination letter to Zee Entertainment Enterprises Ltd telling it about its plans to call off the merger between its India unit and the media network.
Meanwhile, Zee Entertainment said it will take legal action against Japan-based Sony Group following the termination of merger plans which would’ve created India’s largest broadcasting company.
“The Merger did not close by the End Date as, among other things, the closing conditions to the Merger were not satisfied by then,” stated Sony in a statement. In an attempt to extend the End Date, Sony Pictures Networks India Private Ltd (SPNI) has been holding discussions; however, the Discussion Period has ended without an agreement being reached. Because of this, SPNI sent ZEEL a notice on January 22, 2024, ending the final agreements.
The termination letter was sent on Monday. The termination letter from Sony also came after a 30-day grace period ended over the weekend when the two sides couldn’t reach an agreement on a deadline set in late December.
After more than two years of talks, Sony is reportedly planning to abandon the $10 billion merger of its India division with Zee Entertainment. This news was reported earlier on January 19.
