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.
The Singapore International Arbitration Centre will hold online hearings for the arbitration case filed by Culver Max Entertainment and Bangla Entertainment against Zee Entertainment Enterprises over alleged merger agreement breaches. Sony terminated the merger agreement on January 22 and demanded a $90 million termination fee. Zee disputes the allegations and urges withdrawal of the termination notice.
Zee Entertainment Enterprises disputing its obligations to honour a $1.5-billion sub-licensing deal for the International Cricket Council (ICC) has raised the likelihood of an up to $2-billion downgrade of Disney Star by Reliance, on anticipated losses from the media rights agreement, people privy to the development told ET.