Zee denies report on Sony calling off merger, stock dives

Zee on Tuesday denied reports that said Sony was planning to call off the merger even as the stock price of the Indian media major crashed nearly 13% in early trades. Zee said it remained "committed to the merger and is continuing to work towards its successful closure", following the report that the $10-billion merger, which would create one of the largest broadcasting companies in the country, is on the brink of a cliff. Sony, however, didn't come out with any statement.



January 10, 2024 at 01:18AM