The Japanese corporation Sony refused to merge with the Indian media group Zee Entertainment due to Russian assets.
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Reuters reports this with reference to correspondence between Sony executives and Zee top managers.
The companies disagreed on more than 20 compliance issues. Among them is the “inability of the Indian company” to get rid of some Russian assets.
It turned out to be “critically important” for Sony not to cooperate with the sanctioned state. The broken agreement is estimated at $10 billion.
Negotiations continued for two years. The agreement would lead to the creation of an Indian television giant that could compete with the likes of Walt Disney and Reliance.
Analysts note that the failure of the deal has already hit Zee’s market position. The company was already experiencing difficulties, and now its shares plummeted by 27%.
Source: Racurs
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