India’s Zee tumbles on report Sony plans to call off $10 billion merger

Bengaluru: Shares of India’s Zee Entertainment fell nearly 14 per cent on Tuesday, a day after Bloomberg News reported that Japan’s Sony was planning to scrap the $10 billion merger of its India unit with the broadcaster.

Sony plans to file a termination notice before the extended January 20 deadline to close the merger over an impasse regarding who will lead the merged company, Bloomberg reported on Monday.

Zee declined to comment, while Sony did not reply to Reuters’ request for comment.

Shares of Zee were last down 10 per cent and are on track for their worst day since April 2021, while Sony’s stock is up 1.2 per cent.