Zee Entertainment says merger with Sony on track

Zee Entertainment on Tuesday said that it was committed to its proposed merger with Sony Pictures Networks India amid reports that the deal could be called off by next week. In a statement to the stock exchanges, Zee said it was working towards a successful closure of the proposed $10-billion merger, adding that it would make necessary disclosures with regard to the same.

The statement, which came during market hours, helped arrest the nearly 13% decline seen in Zee’s shares during early trade on the BSE on Tuesday. The stock had tumbled after Bloomberg reported that Japan’s Sony Group Corporation was planning to call off the proposed merger over leadership issues.