Sony scraps merger with India’s Zee
Al Jazeera
The collapse blows the chance for both firms to better compete with international streaming rivals.
Sony has announced that it is pulling out of a $10bn merger of its Indian operations with local rival Zee Entertainment.
Sony’s confirmation on Monday that the deal, agreed three years ago, is a deathblow to the hopes of both firms of competing with streaming rivals such as Disney, Amazon and Netflix in India’s booming entertainment market of 1.4 billion people.
The Japanese firm said in a statement that it had “issued a notice terminating the definitive [merger] agreements” by the two companies and that “closing conditions… were not satisfied”.
When agreed in 2021, the union was predicted by Zee chief executive Punit Goenka to be set to create an outfit worth close to $10bn, with annual revenues approaching $2bn.
However, closing the deal has been problematic, most recently because Sony reportedly did not want Goenka – who is facing a regulatory probe – to run the combined entity.
The BJP’s record win in Maharashtra underscores how it has bounced back from its setback in parliamentary elections.
These were the key developments on the 1,004th day of the Russia-Ukraine war.
Verstappen edges Norris in the race and becomes the sixth man to claim four world championship titles, all in a row.
Former rivals team up before new tennis season as Djokovic seeks record 25th singles and 11th Australian Open title.
Zambian striker Barbra Banda scored the only goal as Orlando beat the Washington Spirit 1-0 in the championship game.
Florida State Senator Randy Fine, who celebrated Israel’s killing of a US citizen, gets president-elect’s support.
Relentless Israeli bombardment continues in Gaza, Lebanon, as Hamas says a captive was killed in an Israeli air attack.
Director of the Kamal Adwan hospital says several staff wounded in Israeli bombardment.
Immigrant rights groups fear harsh policies and potential legal pressure could accelerate in second Trump term.
Small islands and least-developed nations say their climate finance interests were ignored.