Sony Walks Away From $10B Merger With Zee Entertainment In India

deadline.com:

Sony has terminated plans for its long-in-the-works merger of its television and streaming operations in India with local giant Zee Entertainment Enterprises, saying that closing conditions were not satisfied.

The $10 billion tie up has been in the offing for more than two years, but had hit several regulatory roadblocks before the National Company Law Tribunal cleared the deal in August.

Just last week, Zee said it was continuing to work towards a successful closure of the deal with Culver Max Entertainment, formerly known as Sony Pictures Networks India.

However, today, Sony sent notification that it was terminating the merger agreement. In a statement, the company said, “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline.