New Delhi
Sony Group Corp is reportedly considering calling off the merger agreement with Zee Entertainment Enterprises in India, marking the end of a two-year effort to create a $10 billion media giant. The decision comes amid a standoff over the leadership of the merged entity, specifically whether Zee’s Chief Executive Officer, Punit Goenka, will continue to lead the company. The initial agreement, signed in 2021, stipulated that Punit Goenka would lead the newly merged company. However, due to a regulatory probe, Sony no longer wishes to have Goenka as CEO. The termination notice is expected to be filed by Sony before the January 20 extended deadline for closing the deal, citing unmet conditions necessary for the merger. The disagreement over the leadership of the merged entity has led to prolonged discussions between the two sides. As of now, discussions are ongoing, and there is still a possibility of a resolution before the deadline.
