Japan’s Sony Group Corporation has called off the proposed $10 billion merger of Zee Entertainment Enterprises Ltd (ZEEL) with Sony Pictures Networks India Private Ltd (now known as Culver Max Entertainment Ltd), a wholly-owned subsidiary of the Sony Group. Reacting to the Sony move, ZEEL said it will take steps, including appropriate legal action and contesting Culver Max and BEPL’s claims in the arbitration proceedings.
ZEEL said it received communications dated January 22 from Culver Max and Bangla Entertainment Pvt Ltd (BEPL) “purporting to terminate the merger co-operation agreement (MCA) and seeking termination fee of $ 90 million on account of alleged breaches by ZEEL of the terms of the MCA, and invoking arbitration against the company and seeking emergency interim reliefs against the company”.
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