Sony had last month terminated an agreement with ZEEL to merge its two Indian entities Culver Max Entertainment and Bangla Entertainment Private Limited (BEPL) with ZEEL
In 2021, Sony and Zee entered a deal to create a $10 billion entertainment firm. However, their talks fell through and Sony called off the deal in January 2024.
Sony has reportedly initiated arbitration proceedings for an alleged breach of terms by Zee. Zee has decided to contest Culver Max and BEPL's claims at the Singapore International Arbitration Centre.
As we close the chapter on our proposed merger with ZEEL, I want to take a moment to talk to you – not just as your CEO but as someone who has been on this journey with you. This change in our plans allows us to step into a new phase of our story, which I believe is full of promise, says CEO Singh