Sony, Zee settle litigation
August 28, 2024
By Chris Forrester
Sony India and Zee Entertainment have settled amicably all the litigation that followed on from their failed merger attempt.
A statement from the pair said: “The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus.”
The agreement flows from the cancelled merger back in January when Sony said it had been patient enough and pulled the plug on the attempt to merge with Zee Entertainment.
One of the main sticking points was over the senior management of a combined business with Punit Goenka, son of founder of the Zee group of companies Subhash Chandra, set to be CEO. Sony was opposed to the appointment.
The agreement statement added: “As part of the settlement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums. Under the terms of the settlement, none of the parties will have any outstanding or continuing obligations or liabilities to the other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes.”
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