Zee seeks $90mn from Sony as merger termination fee

Zee Entertainment Enterprises had said that it has sought $90 million (Rs 750 crore) termination fees from Sony and its affiliates in India. In a statement to the stock exchanges, Zee said it has, on account of Culver Max’s and BEPL’s breaches under the merger cooperation agreement, terminated the agreement by issuing a letter dated May 23 and has sought a termination fee from Culver Max and BEPL in accordance with the provisions of the merger cooperation agreement (MCA). The matter is currently under litigation.

“Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the Company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee i.e. the aggregate amount equal to $90,000,000, in accordance with the MCA,” said the company in the statement.

Earlier, the media firm declared that it incurred Rs 432 crore in merger-related costs during FY24 and FY23 due to a failed media deal with Culver Max Entertainment. Business Standard