Sony terminates merger agreement with Zee Entertainment

More than two years after it was first announced, Sony Pictures Networks India (SPNI) (now known as Culver Max Entertainment Limited), a wholly-owned subsidiary of Sony Group Corporation (Sony) has decided to terminate its merger with Zee Entertainment Enterprises Ltd. (ZEEL). Meanwhile, ZEEL said that they are exploring legal action against Sony and Bangla Entertainment Pvt limited.

The formal word by Sony on terminating the merger, first announced in 2021, comes after stalemate between the two companies over whether Zee’s Chief Executive Officer Punit Goenka would lead the merged entity which was valued at $10 billion. Sony is said to have their concern about Goenka as he is facing investigation by India’s capital markets regulator SEBI. Zee had last week said that they continuing to work towards for a successful merger.