Zee Refutes Negotiations With Sony To Revive Merger

Given the recent developments, Zee Entertainment Enterprise (ZEEL), in its communication to the Bombay Stock Exchange (BSE), has refuted negotiation with Sony for reviving the merger deal.

Issuing clarification to BSE on news reports stating that its stocks went up 4 per cent following some news reports that claimed that the company is trying to revive the merger deal with Sony, Zee said, "We categorically confirm that the above mentioned news item is factually incorrect.”

It further reads, "We wish to clarify that the company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the above-mentioned article on the Company."

BSE, on February 20, sought clarification from Zee on a news report claiming that Zee stock gained 4 per cent following reports of an attempt to revive the merger deal with Sony.