ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said that they have settled their six-month-long dispute related to the failed USD 10-billion merger, and have agreed to withdraw all claims against each other.
As part of the "comprehensive non-cash settlement" between ZEEL and Culver Max Entertainment Pvt Ltd, both "have mutually agreed to withdraw all respective claims against each other in the ongoing arbitration at the SIAC (Singapore International Arbitration Center)," said a joint statement.
Both ZEE and Sony had claimed a termination fee of USD 90 million (around Rs 748.7 crore) from each other for not complying to the Merger Cooperation Agreement signed in December 2021.
Sony had moved before the SIAC immediately two days after the termination of the deal, saying ZEEL did not satisfy the merger conditions, initiated arbitration proceedings and claimed a termination fee of USD 90 million.
This was contested by ZEEL before the SIAC, which denied any interim relief to the Sony group against the Indian broadcaster.
"The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media & entertainment landscape, signifying the definitive conclusion of all disputes," the statement said.
In January this year, Sony had pulled out from the proposed USD 10.5-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the firm.
