Sony Pictures Networks India, subsidiary of Sony Group issued a notice on Monday, terminating the definitive agreement with Zee Entertainment Enterprises concerning the merger of the companies.
The merger agreement was initially announced on December 22, 2021. Sony Pictures said the agreement stated that if the merger did not close by the date 24 months after their signature date, it would require both companies to discuss of date’s extension to make the merger effective.
The statement in the agreement also defined if the parties were unable to agree upon such an extension by the end of the discussion period, any party could terminate the merger by providing written notice. Thus, on January 22, Sony Pictures issued a notice to Zee Entertainment of the termination.
Sony Group-owned company said the reason for the termination included an unclosed merger by the expected date, also the closing conditions were not satisfied to the firm by then.
Sony Ventures, also owned by Sony Group, recently, appointed insider Kazuhito Hadano as its chief executive officer, replacing Gen Tsuchikawa, CEO and Chief Investment Officer, effective January 1.
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