Sony has dropped its merger with Indian company Zee Entertainment, demanding $90 million in termination compensation.
Gabriel Dumitrache
International
Seokyong Lee/Penta Press/Shutter / Shutterstock Editorial / Profimedia
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Sony has abandoned its merger with Zee Entertainment, citing failure to fulfill certain conditions to the deal. Zee rejected Sony's accusations and announced it would take legal action. The impasse over the management of the combined company has jeopardized the merger, with Zee proposing Punit Goenka as managing director. The Indian company is facing falling advertising revenues and cash reserves.
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