By TAKESHI NARABE/ Staff Writer
January 24, 2024 at 15:10 JST
N.P. Singh, CEO of Sony Pictures Networks India, explains about the entertainment business in India in May 2023 in Tokyo. (Takeshi Narabe)
Sony Group Corp.’s subsidiary in India will end merger negotiations with local broadcasting and entertainment giant Zee Entertainment Enterprises, the company announced on Jan. 22.
Though specific reasons for the decision have not been disclosed, it appears the decision follows the revelation that Zee’s CEO Punit Goenka is suspected of misappropriating company funds.
The two companies’ merger was announced at the end of 2021, with Sony planning to hold a majority stake in the new company.
According to an announcement from Zee, Sony is seeking a termination fee of $90 million (about 13 billion yen) for ending the negotiations, but Zee is pushing back on the demand.
Zee has 48 on-demand TV channels with more than 600 million weekly viewers.
If the merger had been completed, the company was expected to have overtaken the U.S.-based Walt Disney Co. to become the largest broadcasting and entertainment company in India.
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