Sony Pictures Networks India, an Indian indirect wholly owned subsidiary of Sony Pictures Entertainment, failed to merge with Invesco-backed Zee Entertainment, an Indian media conglomerate, in a $10bn deal. “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date,” Sony.