ZEE and Sony Resolve $10-Billion Merger Dispute

ZEE Entertainment Enterprises Ltd and Sony Pictures Networks India have settled their six-month-long dispute over a failed $10-billion merger. They agreed to withdraw all respective claims and related legal proceedings. The companies now plan to independently pursue future growth opportunities in the evolving media landscape.

ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India announced on Tuesday that they have resolved their six-month-long dispute over the failed $10-billion merger. Both companies have agreed to withdraw all claims and legal proceedings against each other.

According to a joint statement, the comprehensive non-cash settlement between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL) has led to the withdrawal of all respective claims in ongoing arbitration at the Singapore International Arbitration Center (SIAC) as well as other legal forums. The companies will also inform regulatory authorities about the withdrawal of the Composite Schemes of Arrangement from the National Company Law Tribunal (NCLT).

This amicable resolution has resulted in neither party having any outstanding obligations or liabilities towards the other. The settlement allows both companies to focus on independent growth opportunities and the evolving media landscape.

(With inputs from agencies.)