Zee Entertainment share price plunged 10 per cent in opening deals on Tuesday, January 9, a day after reports suggested its proposed merger with Sony Group was likely to be called off.
(Bloomberg) Sony Group Corp. is planning to call off the merger pact of its India unit with Zee Entertainment Enterprises Ltd., said people familiar with the matter, capping two years of drama and delay in creating a $10 billion media giant.Most Read from BloombergIPhone Survives 16,000-Foot Fall, Helps Steer Jet-Panel HuntChinese Billionaire Is Second-Biggest Foreign Owner of US LandBoeing Slumps After Panel Blowout Leads to Partial 737 GroundingMusk’s Drug Use Concerns Tesla, SpaceX Leaders
Sony is planning to call off $10 billion merger with Zee financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Sony Group is set to cancel the merger pact of its India unit with Zee Entertainment Enterprises Ltd. due to a standoff over whether Zee s Chief Executive Officer Punit Goenka, also its founder s son, would lead the merged entity. The agreement signed in 2021 was that Goenka would lead the new company, but Sony no longer wants him as CEO amid a regulatory probe.
Zee-Sony merger: While the agreement signed in 2021 was that Goenka would lead the new company, Sony no longer wants him as CEO amid a regulatory probe, the people said.