Sony Scraps Plan for $10 Billion Merger With India’s Zee, Setting Stage for Legal Row

Japan’s Sony Group scrapped plans on Monday for a $10 billion merger of its Indian unit with Zee Entertainment, ending a deal that could have created one of the South Asian nation’s biggest TV broadcasters.

The collapse of the deal in content-hungry India creates more uncertainty for TV broadcaster Zee in particular as competition heats up, with Disney also seeking to merge its Indian businesses with the media assets of billionaire Mukesh Ambani’s Reliance.

Zee told Indian stock exchanges Sony was seeking $90 million in termination fees for alleged breaches of their merger agreement and emergency interim relief by “invoking arbitration”. Zee said it denies all claims made by Sony and would take appropriate legal action.

Read the source article at Yahoo Finance