Sony calls off merger with India’s Zee Entertainment

Sony Pictures Networks India Private Ltd., a wholly-owned subsidiary of Sony Group Corporation, on Monday issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd. relating to the merger of ZEEL with and into SPNI, which was previously announced on December 22, 2021. The definitive agreements provided that if the Merger did not close by the date twenty-four months after their signature date, the parties would be required to discuss in good faith an extension of the End Date required to make the Merger effective by a reasonable period of time. “The Merger did not close by the End Date as, among other things, the closing conditions to the Merger were not satisfied by then. SPNI has been engaged in discussions in good faith to extend the End Date but the Discussion Period has expired without an agreement upon an extension of the End Date. As a result, on January 22, 2024, SPNI issued a notice to ZEEL terminating the definitive agreements.”