Sony is reportedly planning to cancel its $10 billion merger with Zee Entertainment Enterprises Ltd, citing a standoff over the leadership question as the reason. The merger, which aimed to create a media giant to compete with global powerhouses like Netflix and Amazon, has been plagued by drama and delays over the past two years. People familiar with the matter have revealed that Sony no longer wants Zee’s CEO, Punit Goenka, who is also the founder’s son, to lead the merged entity due to a regulatory probe. The termination notice is expected to be filed before the extended deadline of January 20th. However, discussions are still ongoing, and a resolution may still emerge before the deadline. If the deal falls through, Zee could face possible defaults and vulnerability, particularly as rival Reliance Industries Ltd. seeks to strengthen its media ambitions by negotiating a merger with Walt Disney Co’s India unit. The proposed merger between Sony and Zee has received almost all regulatory approvals and would have expanded Sony’s media business in India.
Sony Plans to Terminate $10B Merger Deal with Zee Entertainment Amid Leadership Standoff
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