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Zee Entertainment Enterprises Ltd and Sony Pictures Networks India, along with Culver Max Entertainment (CMEPL) and Bangla Entertainment (BEPL), have reached a comprehensive settlement to resolve all disputes related to their failed $10 billion merger. The agreement, signed on August 27, 2024, includes the withdrawal of all applications and claims before the Singapore International Arbitration Centre and other legal entities, including a $90 million termination fee. The settlement is non-cash and aims to terminate the merger transaction amicably. Following the announcement, Zee Entertainment's shares surged by up to 15% in intraday trading.
📈Zee Entertainment Enterprises Ltd share price jumped as much as 15% after the media firm settles merger termination disputes with Sony. #Zee #Sony #StockMarket
ZEE and Sony Pictures Networks India have reached a comprehensive non-cash agreement to amicably resolve all disputes concerning the merger cooperation agreement and the composite scheme of the arrangement #zee #Sony https://t.co/BVEaSvW4c3
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