Japan's Sony Group said on Monday it has sent a termination notice to Zee Entertainment to call off a $10 billion merger of their Indian operations, following an impasse over who will lead the combined entity.
It cited unmet conditions of the merger agreement as the reason for the termination.
Although Sony did not specify on Monday what conditions were unfulfilled, a stalemate over who will lead the combined company had put the merger in danger.
Zee proposed CEO Punit Goenka, but Sony disagreed in light of a market regulator probe into Goenka.
On Friday, Zee had said it was committed to the merger and was working to close the deal through "good faith negotiations".
Persons:
Mukesh, Zee, Punit Goenka, Karan Taurani
Organizations:
Sony, Zee Entertainment, Reliance Industries, Goenka, Reuters, Disney, Elara Capital, Netflix, Disney's Star, Zee, Bloomberg
Locations:
Mumbai, Maharashtra