Sony-Zee Deal: Sony cancels merger agreement with Zee; Decision taken due to not fulfilling the conditions
Sony-Zee Deal: Sony reportedly sent a letter to Zee in this regard on Monday and is expected to inform the exchange soon. Sony cited "not meeting the terms of the merger agreement" as the reason for cancelling the deal.
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Sony has called off the $10 billion merger between its Indian unit and Zee. Sony has informed Sambandh ji by sending a letter regarding this matter. With this decision of Sony, the merger process that had been going on for the last two years has ended.
Sony reportedly sent a letter to Zee in this regard on Monday and is expected to inform the exchange soon. Sony cited "not meeting the terms of the merger agreement" as the reason for cancelling the deal.
Two years after the announcement, the Zee-Sony merger deal has been called off. The merger of Zee and Sony was termed as the second biggest merger after Star and Disney India. Under this, a combined entity of 75 channels was envisaged with a strong presence in entertainment, sports and regional markets in addition to two OTT platforms. The cancellation of this agreement is like a blow to both Zee and Sony, now people's eyes are fixed on what will happen next?
Zee Group has said that it will take legal action against the group after Sony cancelled the merger agreement.
