Zee wants Sony to pay ₹750 crore for calling off $10-billion merger deal

Zee Entertainment Enterprises Ltd (ZEEL) sought termination fee of ₹750 crore from Sony Pictures Networks India for calling off the $10-billion merger deal in January. Zee said in a stock exchange filing, “Culver Max and BEPL have failed to comply with their obligations under the Merger Cooperation Agreement (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 USD 90,000,000, in accordance with the MCA.”