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‘Sign from the lord’: Sony tells Zee it’s terminating the $10 billion India merger
Sony called off the merger between its India unit and Zee Entertainment on Monday, ending a two-year acquisition deliberation that would have created a Sony has called off the merger between its India unit and Zee Entertainment, ending a two-year acquisition deliberation.
Sony Pictures Networks India, the Indian arm wholly-owned by the Japanese conglomerate, was pushing for the removal of Zee’s chief executive Punit Goenka from staying on with — and leading — the merged entity following the deal, according to people familiar with the matter. Ambani’s Reliance is in advanced stages of talks to acquire a 51% stake in Disney’s India business, which includes the streaming service Hotstar. The firms also operate on-demand streaming services such as Zee5 and SonyLiv that compete with dozens of other players including Netflix, Amazon Prime Video and Disney’s Hotstar and Ambani’s JioCinema.
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