ZEE and Sony Settle $10B Dispute, Withdraw Claims

ZEE Entertainment Enterprises Ltd and Sony Pictures Networks India have settled disputes related to their failed USD 10-billion merger. Both companies have agreed to withdraw all claims against each other, seeking independent future growth. The settlement includes withdrawing all legal proceedings from various courts and arbitration forums.

ZEE Entertainment Enterprises Ltd and Sony Pictures Networks India announced on Tuesday that they have settled their disputes surrounding the failed USD 10-billion merger and have agreed to withdraw all claims against each other.

The resolution comes from a mutual understanding to independently pursue future growth opportunities with renewed focus on the evolving media and entertainment landscape, marking a definitive end to all conflicts, the companies stated in a joint announcement.

ZEE Entertainment and Culver Max Entertainment Pvt. Ltd. (CMEPL) have reached a comprehensive non-cash settlement, resolving all disputes related to the merger cooperation agreement and the composite scheme of arrangement. The companies will withdraw all claims in ongoing arbitration at the Singapore International Arbitration Centre (SIAC) and related legal proceedings in the National Company Law Tribunal (NCLT) and other forums.

The firms will also retract their composite schemes from the NCLT and notify relevant regulatory authorities. In January, Sony exited the proposed merger with ZEE, citing unmet closing conditions by the Indian firm, leading to a legal battle after two years of the merger announcement.

(With inputs from agencies.)