afaqs! news bureau

Zee Entertainment denies negotiations with Sony over merger deal revival

The BSE asked ZEEL to provide clarifications about a news article claiming that its stock increased by 4% following reports of an attempt to renew the merger agreement with Sony.

Zee Entertainment Enterprises reported in a filing with the exchange on Tuesday that it has not been involved in any talks with Sony about the merger agreement.

This was in response to a clarification sought in response to an article published by moneycontrol captioned “Zee stock gains 4% on reports of attempt to revive $10-billion Sony deal.”

The company stated that : "We wish to clarify that the company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the above-mentioned article on the company."

There were several reports in the media that Zee Entertainment Enterprises (ZEEL) has resumed discussions with Sony Group Corp in a final effort to resurrect their billion-dollar merger, which was officially terminated on January 22.

Have news to share? Write to us