The two-year courtship of Sony Group Corporation (TSE:6758) and Zee Entertainment Enterprises Limited (NSEI:ZEEL) ended in acrimony on 22 January 2024, with the Japanese company snapping its agreement and seeking $90 million in termination fees, and the Indian firm rejecting the demand and seeking legal options. In response to the merger termination notice, Zee has refuted Sony's breach claims and the demanded termination fee, and is planning legal actions to protect its stakeholders' interests. Culver Max Entertainment, formerly Sony Pictures Networks India, and Bangla Entertainment Pvt.

Ltd, both Sony subsidiaries, issued a termination notice to Zee on 22 January 2024, dissolving the Merger Co-operation Agreement signed on 22 December 2021. The merger, failing to conclude within two years, saw a one-month extension for negotiations that ultimately proved fruitless. "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," Sony said in a statement after notifying the Tokyo Stock Exchange of the termination of the proposed merger.

"After more than two years of negotiations, we are extremely disappointed that the closing conditions of the merger were not satisfied by the end date." Mint had reported the impending failure of merger talks, first on 10 November and then on 19 January, citing the 21 December deadline. Zee has said that its board is evaluating all available options and will take necessary steps to protect the long-term interests of its stakeholders, which includes taking appropriate legal action and contesting Culver Max and Bangla Entertainment's claims in the arbitration proceedings.