Zee Entertainment Shares Dive 30% as Sony Cancels Merger

Zee Entertainment shares plummeted 30% as Sony (Culver Max Entertainment) abandoned the $10-billion merger with the Indian media group. The stocks of ZEEL tumbled 32.61 per cent to trade at Rs 155.95 a piece on the NSE.

On Tuesday, BSE Sensex dropped 1,053.10 points (1.47%) to 70,370.55, and NSE Nifty fell 333 points to 21,238.80.

Also READ: Bopanna Win: Maiden Australian Open Final as World No.1

Culver Max Ends Zee Merger, Halting $10B Media Giant Creation

Monday, Culver Max (formerly SPNI) terminated Zee merger, blocking a potential $10B media enterprise creation.

Sony Group Corp.’s statement on Monday announced the termination of merger agreements with Entertainment, entered on December 22, 2021.

Also READ: Thane: 1 killed 4 injured in explosions at chemical factory

Sony Ends Zee Merger Due to Leadership Dispute and Unmet Conditions

Sony sent the termination notice to Subhash Chandra family-promoted media and entertainment firm following a stalemate over who will lead the merged entity, besides not satisfying other conditions for the merger.

Sony Demands $90M, Zee to Contest; ZEEL Spends Rs 366.59 Cr on Sony Merger Compliance

Sony pursues $90 million in break-up fees, alleging violation of merger terms; ZEEL plans legal challenge. ZEEL spent Rs 366.59 crore on merger compliances till September 2023 with Sony.