What really killed the Sony-Zee merger?

The Zee-Sony merger, a two-year journey filled with twists and turns, has finally concluded. On January 22, 2024, Culver Max (formerly known as Sony Pictures) terminated its USD 10 billion merger deal with Zee Entertainment Adding to the drama, Sony is now seeking a USD 90 million termination fee from Zee for breach of the merger agreement. But before we dive into the details, let's have a brief recap. How it all began The story of the Sony-Zee merger began during a tumultuous period for Zee Entertainment. In 2021, the company was embroiled in boardroom controversies, notably with its head of investor relations convicted of insider trading. Simultaneously, major stakeholders, Invesco and OFI Global China, were advocating for the ousting of Punit Goenka, Zee's Managing Director, from the Board. Compounding these issues, Zee's financial performance was faltering, as depicted in the table titled "Struggling to entertain". Struggling to entertain Zee's earnings have been highly volatile since FY20 Financials TTM Sept 2023 FY23 FY22 FY21 FY20 3Y growth (%) Revenue (Rs cr) 8645 8088 8186 7730 8130 -0.2