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.
