More than two years after announcing a bold $10 billion merger of its Indian television and streaming businesses with local giant Zee Entertainment, Sony Group said on Monday it will officially abandon the deal.
“After more than two years of negotiations, we are extremely disappointed that the closing conditions of the merger have not been met by the final date,” Sony said in a statement Monday from its offices in India. “Although we engaged in good faith discussions to extend the completion date of the merger cooperation agreement, we were unable to agree on an extension prior to the January 21 deadline.”
He added: “We remain committed to increasing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”
More to come…