Japan’s Sony Group (SONY) ended a $10 billion merger of its Indian unit with India’s Zee Entertainment on Monday, calling off a deal that would have reshaped the media panorama in one among the world’s largest streaming markets.

Meanwhile, Walt Disney (DIS) is reportedly in talks to merge its Indian operations with that of billionaire Mukesh Ambani’s Reliance Industries.

Sony’s Indian unit, Sony Pictures Networks India, and Zee had introduced the merger settlement of each firm’s networks, digital belongings, manufacturing operations and program libraries in 2021.

The settlement reportedly fell aside due to disagreements between the 2 on who would lead the merged entity. Zee wished the mixed entity to be spearheaded by CEO Punit Goenka, who’s being investigated by India’s markets regulator.

Sony accused Zee of a breach of the settlement, as particular “closing conditions” weren’t met, with each corporations unable to succeed in a consensus on extending the Jan. 21 deadline.

Sony mentioned that it did not anticipate any materials impression on its monetary outcomes from the scrapped deal.

Shares of Sony had been 0.8% greater at $99.73 per share as of about 12 p.m. ET Monday following the information. They’ve gained greater than 12% over the previous 12 months.