Shares of Zee Entertainment Enterprises plunged as reports surfaced that Sony Group may abandon its merger deal with the Indian company. Zee Entertainment shares tumbled by up to 13% before settling at a 6.7% drop at 258.75 Indian rupees ($3.12). The decision by Sony Group to call off the merger was reportedly due to a disagreement over who would assume leadership of the combined $10 billion entity. While both Sony and Zee have yet to comment on the matter, Bloomberg reported insider information about the potential scrapping of the merger deal. The agreement between Sony India and Zee was initially reached in September 2021, with Zee’s Punit Goenka set to lead the merged entity. Sony India was projected to own a 52.93% stake, leaving Zee with the remaining share. The completion of the merger was anticipated to occur within the next few months, according to Sony’s announcement in September 2023. Zee Entertainment Enterprises, known for its diverse content offerings in movies, music, and theater, has a global presence in 173 countries. Sony India, an indirect subsidiary of Sony Group, operates television channels including Sony Entertainment TV and boasts over 700 million viewers in India and availability in 167 countries.
Zee Entertainment Shares Plunge on News of Sony Merger Cancellation, India
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