Zee India may file a lawsuit to get the Sony acquisition agreement enforced

Zee India may file a lawsuit to get the Sony acquisition agreement enforced

Claiming breach of contract, Sony pulled off the merger on January 22, terminating a transaction that may have resulted in the creation of one of India's biggest TV broadcasters.

After two years of planning, the Zee-Sony merger has combined more than 90 channels.would have produced a television universe in India.

Zee on Sunday said that, after the Singapore arbitration center's denial of the Japanese company's urgent request to halt the proceedings, Zee Entertainment may petition an Indian tribunal to enforce its $10 billion merger with Sony's Indian arm. As.

Sony claimed a "chase of contracts" when they pulled off the merger on January 22, which put a stop to the agreement that would have formed one of India's biggest TV broadcasters. Zee denied the allegations and requested that the Indian tribunal compel Sony to fulfill its tasks in order to consummate the transaction.

Zee said in a filing to Indian stock markets that the transaction will be pending in India's National Company Law Tribunal, despite the Singapore International Arbitration Center (SIAC) asserting that it lacks jurisdiction and authority to prevent Zee from contacting an Indian tribunal. falls under the purview.

A phone and email from Reuters requesting comment were not immediately answered by Sony.

After two years of planning, the Zee-Sony merger would have produced an Indian TV behemoth with over 90 channels covering news, sports, and entertainment that would have challenged the likes of Walt Disney and billionaire Mukesh Ambani's Reliance. After the merger, Sony also brought up compliance issues, such as the Indian media company's purported inability to fulfill some financial obligations under the agreement, the sale of certain Russian assets, and its $1.4 billion Disney cricket rights agreement, as Reuters had revealed last week.