Sony optimistic about India, exploring alternatives after Zee merger fallout, says executive
India on a long-term basis has great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," said Totoki.
Also Read | Zee plans to cut costs, reduce overlaps after merger with Sony collapses Despite the termination of the proposed merger with Zee, Sony remains committed to pursuing growth opportunities in India. Totoki mentioned in the investors' call that the company will continue to pursue organic growth, following its established strategy in India, where it operates through Culver Max Entertainment (formerly known as Sony Pictures Network India). Addressing concerns about the investment committed as part of the deal, Totoki said, "Well, that investment is not going to change capital allocation or our behaviour in our investment.
So at the moment, we do not have any concrete plans." Also Read | Zee-Sony split up. Now streaming studios are sulking As per the merger conditions agreed upon between Sony and ZEEL, the Japanese giant was supposed to invest $1.5 billion in the merged entity. Last month, Sony terminated the agreement with Zee Entertainment Enterprises (ZEEL) to merge its Indian entities – Culver Max Entertainment and Bangla Entertainment – with ZEEL.
Sony initiated arbitration proceedings before the Singapore International Arbitration Center (SIAC), claiming $90 million as a termination fee. Also Read | Zee-Sony: What next after the merger collapse? ZEEL, in response, filed a petition before the National Company Law Tribunal (NCLT), seeking a direction to Sony Group to implement the merger scheme. On February 4, SIAC denied Sony Group's interim plea to restrain ZEEL from moving NCLT to
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