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According to media reports, Sony plans to withdraw from its $10 billion merger with Indian company Zee Entertainment. The two companies originally planned to compete with streaming media in the huge Indian entertainment market. The decision is a blow to both parties’ hopes of competing with Disney, Amazon and Netflix.
Sony has sent a termination notice to Zee due to non-fulfilment of the conditions of the merger agreement. The merger was agreed in 2021 but faced problems as Sony worried about regulatory investigations and Zee’s declining profits.
India’s entertainment market is worth tens of billions of dollars, and a failed deal could leave Sony and Zee more vulnerable, especially in the face of merger talks between Reliance Group and Disney’s Indian unit.
(Source: AFP Image source: Unsplash)
