Sony terminates $10 bln Zee India merger

Japan’s Sony Group said on Monday it has terminated the Zee Entertainment merger worth $10 billion, due to an impasse over the leadership of the merged company, Reuters reported.

The deal was announced two years ago and was a crucial step for the survival of both companies in a highly competitive market.

Sony has been “engaged in discussions in good faith to extend the end date but the discussion period had expired without an agreement upon an extension of the end date,” it said.

The company added that unmet conditions were the reason behind the decision to terminate the deal.

According to Reuters a stalemate over who will lead the merger was the main reason behind the termination.

Zee proposed its CEO Punit Goenka to lead the merger; however, Sony disagreed.