Key Points
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country...
SPNI, a wholly-owned subsidiary of Sony Group Corporation, on Monday issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd (ZEEL) relating to the merger of ZEEL with and into SPNI, which was...announced on December 22, 2021, a statement by Sony Group Corporation said...
If the merger did not close by 24 months after their signature date, the parties would be required to discuss an extension of the end date required to make the merger effective by a reasonable period of time, it said...
The definitive agreements further provided that if the parties are unable to agree upon such an extension by the end of the discussion period, any party could terminate the definitive agreements by providing a written notice, it said...
Sony sent a termination notice to Subhash Chandra family-promoted media and entertainment firm ZEEL after the end of one-month grace period...
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Sony-Zee merger deal hits a dead end: Sony confirms termination of $10 bn deal with Zee Entertainment
22, Jan, 24Zee-Sony merger: Sony on Monday confirmed sending termination notice to Zee Entertainment, ending proposed $10 billion merger in India. The merger aimed to create the largest media giant in India. Sony and Zee had signed definitive agreements in December 2021, but the merger remained incomplete due to regulatory investigation and legal suits. Sony served the termination notice after the End Date passed and the parties failed to agree on an extension. The termination notice was issued on January 22, 2024.