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'
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".
