Sony sends termination letter to Zee over India merger

Sony Group has officially notified Zee Entertainment Enterprises of its plans to call off the merger between its India unit and the Indian media network, ending a two-year acquisition saga and leaving Zee vulnerable to competition as rivals bulk up.

The Japanese entertainment giant sent a termination letter to Zee early on Monday and is expected to disclose it to India’s stock exchange later, said people familiar with the plan, who asked not to be identified as the announcement is not yet public.

Sony cited conditions of the merger agreement not being met as the reason for the termination, according to the letter.