Zee wants Sony to pay $90mn as merger termination fee
As per media reports, Zee has said that Culver Max and Bangla Entertainment have 'failed to comply with their obligations under the MCA'
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Published: May 24, 2024 8:17 AM | 1 min read
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Zee Entertainment has asked Culver Max Entertainment (Sony Group Corporation's India unit) for $90 million as part of the fee for terminating the merger deal.
In a statement, Zee has said that Culver Max and Bangla Entertainment (BEPL) have "failed to comply with their obligations under the MCA (merger cooperation agreement".
Earlier this week, Zee revealed via a regulatory filing that it had spent Rs 432 crore on the failed merger between 2022-23 and 2023-24.
The merger with Sony was announced in September 2021 and was set to create a Rs 14,851-crore firm.
Mid-April, Zee withdrew the merger implementation application from NCLT.
Sony Corp terminated the merger deal in January over "non-compliance of the terms of agreement".
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