Sony Pictures Network has issued a notice to Zee Entertainment Enterprises, through which it has terminated the agreement dated 22 December to merge with ZEEL.
The statement from Sony Pictures Networks revealed that the group was 'extremely disappointed that closing conditions to the merger were not satisfied by the end date'.
The statement read:
“Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the 21 January deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date. We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.”
While Zee is yet to confirm the development, according to sources, a Saudi Arabia-based business is interested in acquiring the Indian media company.
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