Sony sends termination letter to Zee over India merger

Sony Group Corp. has officially notified Zee Entertainment Enterprises Ltd. it plans to call off the merger between its India unit and the media network, ending a two-year acquisition saga and leaving Zee vulnerable to competition as rivals bulk up.

The Japanese entertainment giant sent a termination letter to Zee early on Monday and is expected to disclose it to the exchange later, said people familiar with the plan, who asked not to be identified as the announcement is not yet public.