(MT Newswires) -- Sony has decided to abandon plans to merge its Indian division with Zee, a $10 billion deal with a giant of the Indian media industry. The investigation into Zee's CEO, who is also the founder's son, has raised doubts at Sony. Although no wrongdoing was proved, the suspicions were enough for the Japanese firm to withdraw from the deal. Sony, which planned to expand its presence with almost 75 local channels, is now claiming 90 million dollars for the costs incurred by the failure of this merger.
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12,810 JPY | -0.54% | -1.08% | 101B | ||
148.9 INR | +0.88% | +13.80% | 1.7B | ||
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- Sony-Zee merger: Sony withdraws from the agreement and demands compensation