Sony Group Corporation has initiated a Singapore arbitration case against Indian TV giant Zee Entertainment Enterprises Limited (ZEEL), alleging breaches of their failed merger agreement, Variety has confirmed.
The $10 billion merger, which would have seen the two entities merge their TV and streaming businesses in India, was terminated on Monday by Sony after a two-year process.
Sony is seeking a $90 million termination fee from ZEEL. ZEEL is likely to challenge all Sony’s claims at the Singapore International Arbitration Centre, Variety understands.
Meanwhile, Sony India head N.P. Singh, has issued a rallying call to his troops. That comes despite investment analyst suggestions that both companies are not of sufficient scale to compete at the front of India’s entertainment industry and are left weakened by the collapsed deal.
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