Sony Group Corp. has formally communicated to Zee Entertainment Enterprises Ltd. its decision to cancel the merger with its India unit, Bloomberg reported.
The Japanese entertainment giant sent a termination letter to Zee early on Monday and is expected to disclose it to the exchange later. Sony cited unmet conditions as the reason for terminating the merger with Zee, the report added.
The merger, announced over two years ago, faced challenges concerning the leadership of the combined entity, exacerbated by the Securities and Exchange Board of India (SEBI) probe into Zee CEO Punit Goenka.
This is a developing story. Please get back to check for updates.