Zee seeks termination fee of $90 million from Sony for calling off merger

Zee Entertainment Enterprises (Zee) on Thursday said that it has sought termination fee of $90 million (Rs 750 crore) from Sony Pictures Networks India, which is now known as Culver Max Entertainment, and its entity Bangla Entertainment (BEPL) for calling off the $10-billion merger deal in January.

“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 ie the aggregate amount equal to $90,000,000, in accordance with the MCA,” Zee said in a stock exchange filing.