Sony may call off merger with Zee, send termination notice by Jan 20

Sony Group Corp is planning to call off its merger with Zee Entertainment Enterprises Ltd, Bloomberg reported on Monday, citing people aware of the matter. The Japanese conglomerate is likely to send the termination letter to ZEEL before January 20.

The Bloomberg report said that Sony is planning to cancel the deal owing to the standoff over who will lead the merged entity. There has been confusion over whether Zee’s chief executive officer, Punit Goenka, also its founder’s son, will lead the company or not. Sony reportedly does not want Goenka to lead the merged entity amid a regulatory probe.