From giving an extra month for “good-faith” negotiations a little over two years ago, to accusing Zee of breach of contract…the Sony Zee merger deal has seen its fair share ups and downs. It was supposed to be the country’s biggest entertainment merger worth $10 billion—two media behemoths were coming together.

Now though, the deal is buried six feet under. On Monday, Sony officially released a statement announcing the termination of the agreement. The next day, Punit Goenka, Zee’s CEO, was seen attending the Ram temple inauguration in Ayodhya where he told media: “I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders." 

Sony, meanwhile, not only ended the deal, it also sought $10 million in damages on account of alleged breaches by ZEE. And to make matters worse, Zee shares have fallen by over 30 percent

How did things get here and what's next?

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**CORRECTION The host mistakenly said Sony is seeking $10 million dollars in damages on account of alleged breaches by ZEE instead of $90 million. The error is regretted

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