Sony Group’s India unit and Zee Entertainment have reached a resolution in their high-stakes legal battle over a $10 billion merger deal that fell through earlier this year. The companies announced on Tuesday that they have finalized a non-cash settlement, agreeing to drop all legal claims against each other.
Sony and Zee $10B India Media Deal Dispute : Termination and Dispute
The conflict began in January when Sony’s India unit disclosed the termination of the merger deal with Zee, citing the failure to meet a crucial deadline. Zee, however, contested the termination, alleging that Sony was merely pretending to cancel the agreement. This led to a contentious dispute over a $90 million termination fee, with Zee arguing against Sony’s claim.
Settlement Terms
In a joint statement, Sony and Zee confirmed that they have reached a comprehensive settlement, resolving all disputes connected to the deal’s cancellation. The agreement involves both companies withdrawing their claims from ongoing arbitration at the Singapore International Arbitration Centre and legal proceedings before India’s National Company Law Tribunal (NCLT).
