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Zee withdraws Sony merger application from India company tribunal

Reuters
·1-min read
Illstration shows Zee Entertainment and SONY logos

BENGALURU (Reuters) - Zee Entertainment Enterprises said on Tuesday it was withdrawing an application filed with an Indian company tribunal that was aimed at forcing Sony to merge its India unit with the company.

The decision to withdraw the application, which was filed in January, will enable the company to "aggressively pursue" all its claims against Sony in the ongoing arbitration proceedings at the Singapore International Arbitration Center (SICA) and in other forums, Zee said in an exchange filing.

Sony scrapped the $10 billion merger of its Indian arm with Zee Entertainment in January, in part because Zee failed to meet some financial terms of the deal and come up with a plan to address them.

The deal would have created a media powerhouse in the world's most populous nation with 90-plus channels across sports, entertainment and news.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Ravi Prakash Kumar)