Zee withdraws Sony merger application from India company tribunal

Electrotherm (India)

16/04/2024 16:51

BENGALURU, April 16 (Reuters) - Zee Entertainment
Enterprises  ZEE.NS  said on Tuesday it was withdrawing an
application filed with an Indian company tribunal that was aimed
at forcing Sony  6758.T  to merge its India unit with the
company.
    The decision to withdraw the application, which was filed in
January, will enable the company to "aggressively pursue" all
its claims against Sony in the ongoing arbitration proceedings
at the Singapore International Arbitration Center (SICA) and in
other forums, Zee said in an exchange filing.
    Sony scrapped the $10 billion merger of its Indian arm with
Zee Entertainment in January, in part because Zee failed to meet
some financial terms of the deal and come up with a plan to
address them.  
    The deal would have created a media powerhouse in the
world's most populous nation with 90-plus channels across
sports, entertainment and news.

    

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Ravi
Prakash Kumar)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))