Zee Entertainment Enterprises and Sony Pictures Networks India have announced the termination of their $10 billion merger deal. The decision comes after a period of legal battles and arbitration proceedings.
The two companies reached a mutual agreement to withdraw all claims against each other. This includes the ongoing arbitration at the Singapore International Arbitration Centre and related legal proceedings initiated in the National Company Law Tribunal and other forums.
The companies have also withdrawn their respective composite schemes. According to the terms of the settlement, neither party has any outstanding or continuing obligations or liabilities to the other.
The decision to terminate the merger signifies the definitive conclusion of all disputes between the two companies. Both entities have stated that they will independently pursue future growth opportunities in the evolving media and entertainment landscape.
“The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media & entertainment landscape,” a joint statement from the companies said.