Sign from the lord Sony tells Zee its terminating the $10 billion India merger TechCrunch
News Source : TechCrunch
News Summary
- Goenka fought back for months, and local media reported last week that he may agree to step down.Zee categorically denies all the assertions made by Sony, the Indian firm said in a statement filed to the local exchange..
- “The Disney+Reliance merger would create a strong market leader with over 40% TV viewership share and a dominant streaming presence (Disney+Hotstar and JioCinema are the two largest OTT platforms in India by MAU share)..
- Sony said it was “extremely disappointed” that the Indian firm failed to do its part for the deal..
- Prospects of the deal going through resulted in a 60% rally in Zee’s shares in the second half of 2023..
Sony called off the merger between its India unit and Zee Entertainment on Monday, ending a twoyear acquisition deliberation that would have created a $10 billion media powerhouse in the South Asian [+2673 chars]
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