‘Baseless, factually incorrect’: Zee on reports of Sony calling off merger

Sony-Zee merger: Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday issued a clarification and called news of the Zee-Sony merger termination baseless and factually incorrect.

“Zee is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger,” the company said in an exchange filing on Tuesday.

Earlier on Monday, reports said that Sony Group Corp was on the verge of calling off its proposed $10 billion merger between its India operations and ZEEL.

The said merger was first announced two years ago in an attempt to build India’s largest broadcast corporation.