Merger called off unilaterally by Sony: Zee to mutual funds

Media company Zee Entertainment (Zee) on Monday organised an investor call for mutual funds to address concerns over the collapse of its merger with Sony Pictures Networks India (Culver Max Entertainment) in January.

The move came after mutual funds such as ICICI Prudential Mutual Fund (which held 7.25% in Zee at the end of the December 2023 quarter) pared their holding in the company in January following the merger failure. At the end of the December quarter, MFs held 32.5% in the company. ICICI Prudential Mutual Fund is said to have offloaded around 2.15% stake.