Sony Terminates $10 Billion Merger with Zee Entertainment

Zee's Shares Plunge Following Termination; Company Denies Alleged Breaches of Merger Agreement

Sony Group has terminated its planned $10 billion merger with India's Zee Entertainment Enterprises Ltd (ZEEL), citing unmet conditions of the merger agreement.
The termination follows a stalemate over the leadership of the merged company, amid a market regulator probe into Zee CEO Punit Goenka.
Sony's termination notice also sought $90 million on account of alleged breaches by ZEEL of the merger cooperation agreement terms, which ZEEL has categorically denied.
Zee's shares fell 31% following the announcement, marking the company's biggest single-day fall.
Zee's board of directors is currently evaluating all available options and will take steps to protect the long-term interests of all its stakeholders, including by taking appropriate legal action.