$10 Billion ZEEL-Sony Deal: Committed To Merger, Says ZEEL

Zee Entertainment on Tuesday refuted news reports that its deal with Sony had fallen apart. Earlier today, Bloomberg had reported that Sony was set to call off a $10 billion merger deal with ZEEL due to uncertainties.

However, ZEEL clarified that the news article was baseless and factually incorrect. "We wish to reiterate that the Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger."

The merger agreement allows Zee and Sony to extend the deadline to complete the merger thrice. But, if Sony decides against it, then it will have to pay a termination fee of $100 million to Zee.