"Sony was going to infuse $1.3 billion into the merger... Also, from an opportunity standpoint, it wasn't just TV. It was also digital where Zee was struggling," Subbaraman told AFP before Monday's announcement. He added that Sony LIV, the Japanese firm's streaming service, had been "more successful" and was a "bigger business" than Zee's Zee5. "With reports of the RIL-Disney merger, the competitive landscape and overall market condition looks very different now than before," Subbaraman added. Sony said in its statement that it had "engaged in discussions in good faith" to extend a deadline to close the deal but that the discussion period "has expired without an agreement." It added that it "does not anticipate any material impact on its consolidated financial results as a result" of the termination.