The merger, announced more than two years ago, hit a stalemate over who will lead the combined company. File.
| Photo Credit: Reuters
Sony Pictures Entertainment has called off the $10 billion merger deal with Zee Entertainment Enterprises Ltd (ZEEL).
In a notice to ZEEL the company said, “Enter“ Culver Max Entertainment (CME) today issued notice to Zee Entertainment Enterprises Ltd. (ZEEL) terminating the agreement dated December 22, 2021, to merge ZEEL and CME.”
“Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end dates the company said in a statement.
“We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences,” the company added.