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Sony may call off $10 billion mega-merger with Zee Entertainment

Livemint · 1y

Sony Group Corp. is reportedly set to cancel its merger agreement with Zee Entertainment Enterprises Ltd., citing a standoff over the leadership of the merged entity. The Japanese conglomerate no longer wants Zee's CEO Punit Goenka, who was originally slated to lead the new company, amid a regulatory probe. Sony plans to file a termination notice before the January 20 deadline for closing the deal. The scuttling of the deal leaves Zee vulnerable and comes as Mukesh Ambani's Reliance Industries is in talks to merge with Walt Disney Co.'s India unit.