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.
Read more on deadline.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.