Sony cancels merger with Indian Zee Entertainment Enterprises

According to a recent statement, Sony Group Corporation has given up its attempt to merge its TV and streaming business in India with local group Zee Entertainment Enterprises Limited (ZEEL) after more than two years.

The Sony Group statement said: “The merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then. (…) The discussion period has expired without an agreement upon an extension of the end date (…).“

The merger of ZEE and Culver Max Entertainment, formerly Sony Pictures Networks India, would have been worth USD 10 billion and combined more than 70 linear television channels, two video streaming services (ZEE5 and Sony LIV) and two film studios (Zee Studios and Sony Pictures Films India).

Source: www.variety.com