Zee Entertainment Enterprises Ltd (ZEEL) clarified on Tuesday that reports of renewed talks with Sony to revive the scrapped merger deal were incorrect.
"We would like to clarify that the Company has not been involved in any negotiations or any other event," said Zee Entertainment in a stock exchange filing.
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The anticipation of a potential patch-up contributed to the positive movement in ZEEL stock during the trading session. ZEEL shares surged 8 per cent, closing at ₹193 on the BSE and ₹190.40 on the NSE.
Sony Group Corp. had last month terminated the merger of its India unit with Zee.
The merger, initially announced over two years ago, encountered a deadlock over the leadership of the combined company. Zee suggested its chief executive Punit Goenka to lead, but Sony disagreed, citing an ongoing market regulator probe into Goenka's financial conduct.
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Milan Tomic
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