AssetID: 53387869
Headline: UNCAPTIONED: Sony Ends $10 Billion Merger With India Media Giant Zee
Caption: 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. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Sony,Ends,India,Media Giant Zee,Billion merger,Financial results,Impact,Consolidated,Company,Agreement,Anticipate,CNN,Deal,Termination
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