Zee Entertainment Enterprises Ltd. has reportedly failed to meet a crucial deadline for a $200 million payment to Walt Disney Co.’s India unit, earmarked for TV rights to cricket matches.
According to reports, his payment delay is attributed to Zee’s efforts to conserve cash in anticipation of the potential breakdown of its significant merger with Sony Group Corp.
Disney has reportedly sought clarification from Zee regarding the skipped payment, that was committed under the license agreement deal inked in August 2022.
The failure to fulfil the payment obligation to the Disney unit adds a new layer of complexity for Zee, potentially leading to legal complications. This setback comes amidst the ongoing challenges posed by the unraveling merger with the Sony Group.
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