Sony Pictures Networks India Terminates $10 Billion Merger with Zee Entertainment

New Delhi: Culver Max Entertainment, previously known as Sony Pictures Networks India (SPNI), has officially terminated its merger agreements with Zee Entertainment, thwarting the creation of a potential $10 billion media giant in India.

In a statement, Sony Group Corporation, the parent company of SPNI, announced the termination of the definitive agreements with Zee Entertainment Enterprises Ltd (ZEEL). The proposed merger, initially disclosed on December 22, 2021, aimed for completion before December 21, 2023, with a one-month grace period for regulatory approvals.

Despite regulatory green lights from the Competition Commission of India (CCI), NSE, BSE, and the National Company Law Tribunal (NCLT) in Mumbai, the merger failed to close by the specified end date. Sony cited unmet closing conditions as a contributing factor.

Following a one-month grace period, Sony sent a termination notice to ZEEL, owned by the Subhash Chandra family. Notably, ZEEL had sought a deadline extension on December 17, 2023, which initially faced resistance from SPNI. However, SPNI eventually agreed to discuss the matter a day later.

The $10-billion merger, which promised to reshape the Indian media landscape, has now been officially called off, marking a significant development in the industry.