Zee-Sony merger termination reports are baseless: Zee Entertainment

Zee Entertainment, on Tuesday, refuted media reports suggesting the cancellation of the $10 billion merger with Sony's India division through a stock exchange filing. It stated that the speculation surrounding the termination of the merger before January 20 is 'baseless and factually incorrect.'

"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," the company said in an exchange filing on Tuesday.

On January 8, a Bloomberg report, indicated Sony's intention to abandon the merger and issue a termination notice by January 20. On January 9, ET reported, in a story titled  "Sony on the brink of terminating $10 billion merger with Zee: The inside story of what went wrong over two years", that the Sony Group will soon be calling off the proposed merger.

Zee Entertainment received letters from the stock exchanges regarding this news item and in response issued a clarification that the news is incorrect.