Team Blitz India
NEW DELHI: After two years of hectic negotiations, Sony Pictures Networks India Private, a wholly-owned subsidiary of Sony Group Corporation of Japan, issued a termination notice to Zee Entertainment Enterprises on their merger agreement on January 22. The Japanese firm has sought $90 million in termination fees from Zee. Zee board said it would take all steps to protect the interest of all shareholders.
The merger would have created a $10 billion entertainment giant with a market share of 25 per cent among the general entertainment channels.
Zee said its board took on record communications received from Culver Max Entertainment Pvt, (formerly Sony Pictures Networks India) (Culver Max) and Bangla Entertainment Pvt. to terminate the merger cooperation agreement dated December 21, 2021 and seeking a termination fee of $90 million on account of “alleged breaches” by Zee.
“ZEEL categorically denies all the assertions raised by Culver Max and BEPL on the alleged breaches under the terms of the MCA, including their claims for the termination fee,” Zee said.