Sony terminates merger agreement with Zee

Culver Max Entertainment (CME) has officially issued a notice to Zee Entertainment Enterprises Ltd. (ZEEL) announcing the termination of the merger agreement dated December 22, 2021.

Despite sincere efforts and good-faith discussions to extend the end date as per the merger cooperation agreement, both parties were unable to reach an agreement before the January 21 deadline.

In a statement, CME stated: “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date."