Zee share price drops 10% on news report Sony deal may be called off

Zee Entertainment share price plunged 10 per cent in opening deals on Tuesday, January 9, a day after reports suggested its proposed merger with Sony Group was likely to be called off. According to a Bloomberg report, Sony Group is planning to call off the merger pact of its India unit with . Quoting people familiar with the matter, the Bloomberg report said that Sony Group is looking to cancel the deal due to a standoff over whether Zee’s Chief Executive Officer Punit Goenka, also its founder’s son, would lead the merged entity.

"Sony plans to file the termination notice before a Jan. 20 extended deadline for closing the deal, saying some of the conditions necessary for the merger had not been met," the Bloomberg report said, quoting one of the people. Mint could not independently verify this news. Also Read: Sony may call off $10 billion mega merger with Zee Entertainment (More to come) Livemint tops charts as the fastest growing news website in the world to know more.

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