"Sony Pictures Networks India Private Ltd (SPNI) (now known as Culver Max Entertainment Ltd), a wholly owned subsidiary of Sony Group Corp (Sony), today issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd," the Japanese company said in a press release issued on Monday.
The proposed merger between Sonys India operations with Zee Entertainment Enterprises Ltd (ZEEL) collapsed in acrimony as the Japanese parent pulled the plug on a deal thats been two years in the making.
Zee Entertainment share price opened at ₹208.60 on Tuesday against the previous close of ₹231.75 on the BSE. It extended losses and cracked 25 per cent to hit the lower circuit of ₹173.85 on the BSE.
After two years of stalled negotiations, Japan’s Sony Corp officially called off its planned $10 billion merger between its Indian subsidiary and Zee Entertainment Enterprises Ltd. (ZEEL) on Monday (January 22), media reports said.
Sony Group Corp has sent a termination letter to Zee Entertainment Enterprises Ltd, ending the proposed merger between their India unit and the media network.