Sony India Moves Against Zee in Singapore Arbitration Case, Chief N.P. Singh Looks to ‘Strengthen Market Presence’
24.01.2024 - 09:47
/ variety.com
Sony Group Corporation has initiated a Singapore arbitration case against Indian TV giant Zee Entertainment Enterprises Limited (ZEEL), alleging breaches of their failed merger agreement, Variety has confirmed. The $10 billion merger, which would have seen the two entities merge their TV and streaming businesses in India, was terminated on Monday by Sony after a two-year process. Sony is seeking a $90 million termination fee from ZEEL.
ZEEL is likely to challenge all Sony’s claims at the Singapore International Arbitration Centre, Variety understands. Meanwhile, Sony India head N.P. Singh, has issued a rallying call to his troops.
That comes despite investment analyst suggestions that both companies are not of sufficient scale to compete at the front of India’s entertainment industry and are left weakened by the collapsed deal. In an internal email to staff seen by Variety, Singh wrote: “This change in our plans allows us to step into a new phase of our story, which I believe is full of promise. Our journey towards the merger has been remarkable, showing us how resilient and dedicated we can be when working towards a common goal.
As we transition from this phase, I am, along with the senior management team, committed to setting the company up for a long-term, strong future. We will actively explore new organic and inorganic possibilities to strengthen our market presence.” “Our immediate focus will be back on unleashing our full potential, continuing to craft content that not only engages our audience but also boosts subscriber growth and revenues, thereby nurturing a culture rooted in excellence, pivotal for our ongoing growth and success. We’ve always been at our best when innovating and pushing the boundaries of what
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