Sony Ends $10 Billion Merger , With India Media Giant Zee.
The deal was called off
on Jan. 22, CNN reports. .
According to Sony, “the closing conditions
to the merger were not satisfied.”.
However, the company “does not anticipate any material impact on its consolidated financial results as a result of the termination of the definitive agreements for the merger.”.
Sony expects Zee to pay a $90 million
termination fee “on account of alleged breaches.”.
Mumbai-based Zee “categorically denies
all the assertions … including their claims
for the termination fee,” according to
a statement made by the company. .
Zee is reportedly “evaluating all
the available options.”.
While the deal's unmet conditions
weren't specified, .
there is speculation that the two
companies disagreed about who would
lead the entity following the merger. .
Zee wanted its CEO,
Punit Goenka, to run things, .
but Sony wasn't happy with that choice, considering Goenka is being investigated by India's market regulator, according to reports by Reuters.
