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Zee Entertainment Enterprises Limited (ZEEL) has issued a clarification on news reports claiming the merger with Sony Pictures Networks India (SPNI) is off. ZEE has informed the Stock Exchanges, regarding the news item captioned “Sony on the brink of terminating $10 billion merger with Zee: The inside story of what went wrong over two years.”
Zee’s statement reads, “In this regard, we would like to clarify that the above-mentioned article is baseless and factually incorrect.” The statement adds, “We wish to reiterate that the Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger.”
It concludes, “We would also like to state that the Company has always complied with its obligations under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and will continue to make disclosures in accordance with the same.”
This statement from ZEE comes after the Exchange (BSE) has sought clarification from on January 9, 2024, with reference to news appeared in economictimes.indiatimes.com dated January 9, 2024, quoting “Sony on the brink of terminating $10 billion merger with Zee: The inside story of what went wrong over two years “
Sony plans to call off $10 billion merger with Zee, according to Bloomberg News reports. Sony plans to file a termination notice before the extended Jan. 20 deadline to close the merger, Bloomberg reported, citing people familiar with the matter. It added that discussions between Sony and Zee were still ongoing. Zee and Sony did not immediately respond to a Reuters request for comment.
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