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Sony scraps $10-billion merger deal with India's Zee

( January 22, 2024, 22:53 GMT | Official Statement) -- MLex Summary: Sony has called off the $10-billion merger of Culver Max Entertainment with Zee Entertainment Enterprises Ltd, after the latter failed to meet conditions outlined in the merger agreement. Sony Group’s merger with Zee had received conditional approval from the Competition Commission of India in October 2022, with the transaction set to create India's largest media company. On Monday, CME issued a notice to Zee, terminating a two-year old agreement dated Dec. 22, 2021. Although the parties engaged in discussions to extend the merger cooperation agreement beyond the Jan. 21, 2024 deadline, they failed to come to any agreement, according to a statement issued by Sony. Statement from Sony follows:...

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