From Nasdaq:

Sony has terminated a $10 billion merger with Zee Entertainment in India due to an impasse over leadership. Sony cited unmet conditions in a letter to Zee, which is expected to be disclosed to the exchange later.

The merger, announced over two years ago, hit a stalemate over the leadership of the combined company. Zee proposed CEO Punit Goenka, but Sony disagreed due to a market regulator probe into Goenka.

The merger was seen as crucial for the survival of both companies in a highly competitive market, but Zee is contending with declining advertising revenue and cash reserves while also facing competition from global streaming giants like Netflix and Amazon. The company also missed a January deadline to pay $200 million, putting further strain on its finances.



Read more: Sony sends termination letter to Zee over $10 bln India merger – Bloomberg News