Zee refutes Sony merger revival
February 21, 2024
By Chris Forrester
The past few days have seen just about every Indian business newspaper reporting that Zee Entertainment Enterprises (ZEEL) was back in discussions with Sony’s India business about resurrecting their merger plan, valued at some $10 billion. Not so, saccording to ZEEL.
India’s Economic Times reports that executives from both parties had meetings in Mumbai and looking to salvage the merger scheme which was officially called off on January 22nd.
A ZEEL statement denying the rumours was made in a regulatory filing to the Bombay Stock Exchange. The statement said that the reports of meetings were “factually incorrect”.
“We would like to clarify that the company has not involved in any negotiations, or any other event as stated in the above-mentioned article, and we categorically confirm that the abovementioned news item is factually incorrect,” said Zee Entertainment in its exchange filing.
Shares in ZEEL jumped 10 per cent on the reports of meetings on February 20th.