Sony Entertainment Calls Off Merger With Zee

Mumbai: Japanese Entertainment Giant Sony Group Corp on Monday formally communicated to Zee Entertainment Enterprises Ltd its decision to call off the merger with its India unit. Sony cited unmet conditions as the reason for terminating the merger with Zee and has sought $90 million in termination fees.

Meanwhile Zee Entertainment said that it will take legal action against Sony Group for terminating the merger plans which would have created India’s largest broadcasting company worth $10 billion.