A game of bluff scuttled Sony-Zee’s plans to create $10 billion media giant

Sony Group Corp.'s lawyers were surprised when Zee Enterprises Entertainment Ltd. requested a 'hold harmless' clause for its CEO, Punit Goenka, during the merger negotiations to create a $10 billion Indian entertainment giant. Goenka was worried that Sony would start a witch hunt against him after the merger. The deal eventually fell through, highlighting the challenges faced by foreign companies in the Indian entertainment market. The collapse of the deal gives an advantage to the potential combination of Walt Disney Co. and Reliance Industries Ltd., creating India's largest entertainment company.

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