Zee Entertainment Enterprises, Culver Max Entertainment operating as Sony Pictures Networks India, have agreed to terminate their $10 billion merger deal.
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 and other forums. The companies will also withdraw the respective composite schemes
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 & entertainment landscape, signifying the definitive conclusion of all disputes.