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Sony Calls Off $10 Billion Merger With Indian TV Giant Zee Entertainment Enterprises
Sony calls off its $10 billion merger with Indian TV giant Zee, says two years of negotiations are enough.
Sony Group Corporation has ended its more than two-year attempt to merge its TV and streaming businesses in India with local giant Zee Entertainment Enterprises Limited. Though the decision to ban him was reversed on appeal in October, allowing Goenka to take up the leadership role, Sony was understood to be deeply uncomfortable with him in that position, as it may have violated Japanese corporate governance standards. Disney’s market leadership through the Star pay-TV operation and the Disney+ Hotstar streaming platform are under challenge from Amazon’s Prime Video and Reliance Industries’ Jio, a fast-expanding phones-broadband-entertainment behemoth.
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