Zee Entertainment Enterprises has demanded a termination fee of Rs 750 crore from Sony and its Indian subsidiaries. Zee told the stock exchanges that Culver Max and BEPL have violated the terms of the merger agreement (MCA). For this reason, Zee issued a letter on May 23 terminating the agreement and demanded $90 million as fine.
At present, a legal battle is going on in the court regarding this matter. Culver Max and BEPL have not complied with their obligations under the MCA, the company said in a statement. Therefore, the company has terminated the MCA and asked Culver Max and BEPL to pay a penalty of $90 million as per the provisions of the MCA.
It is noteworthy that Zee had earlier said that due to the failed media deal with Culver Max Entertainment, it had to bear Rs 432 crore as merger related costs during FY24 and FY23.
