After a drawn-out two years of acquisition negotiations, the Sony Group has informed Zee Entertainment Enterprises (Zee) in writing that it has decided to rescind the proposed $10 billion media merger agreement, according to Bloomberg News.
This comes after a pivotal meeting on Friday, which raised expectations for a final decision on the merger agreement.
The termination notice was reportedly sent by the Japanese entertainment giant to Zee earlier in the day and is anticipated to be officially disclosed to the exchange shortly, according to sources familiar with the matter who preferred to remain anonymous ahead of the public announcement.
According to the termination letter that Bloomberg examined, Sony is said to have terminated the employee due to unfulfilled terms in the merger agreement.
The termination notice from Sony arrived after the expiration of a 30-day grace period over the weekend, during which the two parties failed to reach a consensus on the deadline set in late December.