Zee Says Still Working to Close Sony Merger, Shares Pare Losses

Sony is planning to send a deal termination notice by Jan. 20
Plans to create $10 billion giant went awry on leadership tiff

WATCH: Zee is tumbling as Bloomberg has learned that Sony is planning to call off the merger pact of its India unit with the media company. Manuel Baigorri reports.Source: Bloomberg

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By Bhuma Shrivastava and Ashutosh Joshi

January 9, 2024 at 3:55 AM UTC

Updated on

January 9, 2024 at 8:30 AM UTC

This article is for subscribers only.

Shares of Zee Entertainment Enterprises Ltd. recovered from a steep plunge on Tuesday after the company said it was still working to close its planned merger with Sony Group Corp.’s India unit.

The stock, which had lost as much as 13.6% while trading in Mumbai — the lowest level since Feb. 23, recouped bulk of the losses after the company’s exchange filing. It was trading 6.5% lower at 259.95 rupees at 1:58 pm in Mumbai, data compiled by Bloomberg show. The benchmark S&P BSE Sensex was up.