Sony Confirms Terminating $10 Billion India Merger With Zee

Sony Group Corp. said it has officially notified Zee Entertainment Enterprises Ltd. of plans to call off the merger between its India unit and the media network, ending a two-year acquisition saga and leaving Zee vulnerable to competition as rivals bulk up.

The Japanese entertainment giant said Monday that it has sent a termination letter to Zee as the conditions necessary for the merger were not met.

The move follows a stalemate between the companies over whether Zee’s Chief Executive Officer Punit Goenka would lead the merged entity amid an investigation into his conduct by India’s capital markets regulator. ...