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Indian Economy - Understanding the basics of Indian economic system

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23-Jan-24

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Sony ends $10 billion merger with India's Zee

The mega-merger between Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SNPI) was called off on January 22 with the latter issuing a termination letter to formally exit from the amalgamation agreement.

One of the main reasons behind the $10 billion deal being derailed was the lack of consensus over who would head the merged entity, reports said.
While ZEEL MD and CEO Punit Goenka earlier agreed upon as the candidate to be at the helm of the merged company, Sony reportedly sought a reconsideration after Goenka came under a SEBI probe.

As per the terms of the merger, the deal was to be completed by December 21. However, the lack of consensus pushed the amalgamation into a month-long grace period, which ended on January 21.

Trial Period Ended