BENGALURU -- Sony has dropped plans to create a $10 billion media company by merging its India arm with local broadcaster Zee Entertainment, pulling the plug on a deal that has been brewing for more than two years.
Sony said in a statement on Monday that it has issued a notice to Zee, terminating the "definitive agreements," as "closing conditions of the merger were not satisfied" before the deadline expired on Sunday, without elaborating on the unmet conditions.
