Sony Terminates Merger Agreement with Zee Entertainment!

National

As per the merger agreement, inked on December 22, 2021, Zee and Sony Pictures Networks India (now known as Culver Max), along with Bangla Entertainment Pvt Ltd, were to be merged into a single entity within 24 months, The collapse of a planned $10-billion merger with Sony’s unit has heaped pressure on Zee Entertainment, one of India’s most popular TV networks, to pursue deals with new partners or focus on areas such as digital entertainment to revive its fortunes.A Zee-Sony India merger would have created a media powerhouse in the world’s most populous nation with 90-plus channels across sports, entertainment and news segments, which, India’s antitrust body at one time said could have “un-paralleled bargaining power” when backed by Sony’s global reach.


      The amalgamation agreement was signed between Sony and Zee in December 2021, but the merger remained incomplete due to regulatory investigation and legal suits.

      The partnership aimed to establish India’s largest entertainment company, to compete against global giants like Netflix Inc. and Amazon.com Inc.

      CME is an indirect wholly owned subsidiary of Sony Group Corporation, Japan.

 

     


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