Japan’s Sony Group Corporation on Monday (January 22) called off the proposal to merge its Indian subsidiary Sony Pictures Networks India Private Ltd (SPNI), now known as Culver Max Entertainment Ltd (CME), with Zee Entertainment Enterprises Ltd (ZEEL).
Sony Corporation issued a notice terminating the definitive agreements entered into by SPNI and ZEEL relating to the $10 billion merger, which was previously announced on December 22, 2021. While Sony cited the delay in the merger, there were conflicting views about the leadership of the combined entity by Zee’s MD & CEO Punit Goenka.
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