Sony Corp. and Zee Entertainment have settled all legal disputes over their scrapped $10 billion merger in India.

More than two years after unveiling a bold $10 billion merger of its TV and streaming businesses in India with local giant Zee Entertainment, Sony had said in January that it was officially abandoning the deal.

The decision led to litigation brought by both companies. Related Video

The planned combination was understood to have led to a disagreement between the two parties over who would lead the merged entity. While Zee pushed for the continued leadership of its CEO Punit Goenka, Sony was opposed to that. The collapse of the merger was seen as a considerable setback for both Sony and Zee, which were looking to increase their scale at a time of growing consolidation and digital disruption within the fast-moving Indian entertainment landscape.

As part of the settlement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre, and all related legal proceedings initiated in the National Company Law Tribunal (NCLT) and other forums, the parties said on Tuesday. Under the terms of the settlement, none of the parties will have any outstanding or

continuing obligations or liabilities to the other.

They added: The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes.