Media stocks in focus post Zee-Sony deal; shares advance up to 25%

Shares of media including broadcasting & cable TV operators rallied on the bourses by up to 25 per cent after the Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL.

ZEEL zoomed 25 per cent to hit a 52-week high of Rs 319.50 on the BSE in intra-day trade. Zee Learn surged nearly 20 per cent to Rs 16.64, while TV18 Broadcast gained 11 per cent to Rs 40.40, followed by Dish TV India (up 10 per cent to Rs 21.54), New Delhi Television or NDTV (up 10 per cent at Rs 96.35), Network18 Media & Investments (up 9 per cent at Rs 55.80), Hathway Cable & Datacom (8 per cent at Rs 25.70) and Sun TV Network (7 per cent at Rs 519.30) in intra-day trade today.