.shareit

Home // Marketing Moments

Zee wants Sony to pay $90mn as merger termination fee

BY Team PITCH

Share It

Zee Entertainment has asked Culver Max Entertainment (Sony Group Corporation's India unit) for $90 million as part of the fee for terminating the merger deal.

In a statement, Zee has said that Culver Max and Bangla Entertainment (BEPL) have "failed to comply with their obligations under the MCA (merger cooperation agreement".

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/21740140234/e4m_story_page_para3_small_horizontal_banner_3_728x90_normal', [728, 90], 'div-gpt-ad-1595331589677-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.enableServices(); });

Earlier this week, Zee revealed via a regulatory filing that it had spent Rs 432 crore on the failed merger between 2022-23 and 2023-24.

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/21740140234/e4m_story_page_para3_small_horizontal_banner_3_728x90_normal_next', [728, 90], 'div-gpt-ad-1601359261569-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.enableServices(); });

The merger with Sony was announced in September 2021 and was set to create a Rs 14,851-crore firm.

Mid-April, Zee withdrew the merger implementation application from NCLT.

Sony Corp terminated the merger deal in January over "non-compliance of the terms of agreement". 

Share It

Tags : Culver Max Zee Sony Merger Merger Termination