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According to one of the sources, Zee Entertainment failed to make the first payment of $200 million to Disney in recent weeks, signaling its inability to honor its financial obligations.
The Japanese conglomerate cited unmet closing conditions as the reason behind the termination of the definitive merger agreements. Sony's decision comes amid reports that the company expressed reservations about having Zee's CEO, Punit Goenka, lead the combined entity due to an ongoing regulatory probe.