Reports said Sony was unhappy with Zee's performance since the merger was agreed in 2021. It added in a statement that Sony was also seeking a "termination fee" of $90 million for alleged breaches by Zee, a claim that the Indian company said it "categorically refutes". Before the Sony deal was agreed, Goenka had also been under pressure to quit from Zee's largest shareholder Invesco. A collapsed deal will leave Sony and Zee more vulnerable at a time when Reliance (RIL) is negotiating a merger with Disney's India unit, Bloomberg News reported. "Sony was going to infuse $1.3 billion into the merger... Also, from an opportunity standpoint, it wasn't just TV.

Source: Daily Nation January 22, 2024 09:50 UTC