Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other.
Zee Entertainment Enterprises and Culver Max Entertainment, operating as Sony Pictures Networks India, have mutually decided to terminate their $10bn merger agreement.
In a joint statement, the companies, including Sony’s group company Bangla Entertainment, announced they had reached a “comprehensive non-cash settlement,” amicably resolving the disputes that arose after the merger collapsed earlier this year. The settlement includes the withdrawal of all respective claims against each other, bringing an end to arbitration proceedings at the Singapore International Arbitration Centre and resolving other tribunal-related issues.
Both companies stated that they have no further obligations to each other and will independently pursue future growth opportunities.
The merger was originally intended to combine Zee and Sony’s assets in response to the rapidly changing and consolidating Indian media market, which has seen mergers such as Disney and Reliance’s Viacom18, and the rise of local streaming platforms like Prime Video and Netflix. The deal would have given Sony a 53% stake in the combined entity, with Zee holding the remaining 47%, and Zee’s MD and CEO, Punit Goenka, slated to lead the operation. However, disagreements over leadership and regulatory challenges led to Sony pulling out of the agreement in January.
