Zee seeks $90 million termination fee from Sony for failed merger

Zee Entertainment Enterprises Ltd (ZEEL) has demanded a termination fee of $90 million (Rs 750 crore) from Sony Pictures Networks India

Zee Entertainment Enterprises Ltd (ZEEL) has demanded a termination fee of $90 million (Rs 750 crore) from Sony Pictures Networks India, now known as Culver Max Entertainment Pvt. Ltd., along with its entity Bangla Entertainment Pvt. Ltd. (BEPL), for calling off a $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 i.e. the aggregate amount equal to USD 90,000,000, in accordance with the MCA," said Zee in a stock exchange filing on May 23.