TL;DR CNBC

India's Zee Entertainment dives 31% after Sony calls off mega merger

Publishing timestamp: 2024-01-23 05:06:55

Summary

Zee Entertainment's shares fell 31% after Sony scrapped plans for a merger. Sony cited unsatisfied closing conditions as the reason for termination. Zee denies breaching the merger agreement and plans to take legal action. The collapse of the deal led to downgrades from brokers, with Citi and CLSA both lowering their ratings on Zee's stock.

Sentiment: NEGATIVE

Tickers: 6758.T-JP,  ZEEL-IN, 

Keywords: india,  business news,  zee entertainment enterprises ltd,  sony group corp, 

Source: https://www.cnbc.com/2024/01/23/indias-zee-entertainment-dives-31percent-after-sony-pulls-out-of-merger.html