Logo for ZEE5, an over-the-top platform of Zee Entertainment Enterprises.
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Indian entertainment conglomerate Zee Enrtertainment on Wednesday said it urged Sony to revive their blockbuster entertainment merger and has sued the Japanese tech giant over the deal’s termination.
Sony earlier this week called of the transaction with Zee Entertainment, which is reported to be worth $10 billion.
A major media presence in India, Zee owns several TV channels, a movie studio and a streaming service locally.
A merger of Zee with Sony’s India subsidiary, Culver Max Entertainment Pvt. Ltd., and its entity Bangla Entertainment Pvt. Ltd. (BEPL), would have created a potential content and entertainment powerhouse in the southeast Asian country.
Sony would have gained access to Zee’s local content, giving it a bigger footing in the lucrative Indian entertainment market. Zee, which faces intense competition at home from players like Disney and Reliance Industries, would have benefitted from the backing of Sony.
This breaking news item is being updated.
This story originally appeared on CNBC
