Zee slumps 10% after Sony scraps $10 billion India merger
Tuesday, 23 January 2024 Zee Entertainment Enterprises Ltd tumbles 10% as $10 billion merger with Sony Group Corp is cancelled. Analysts predict sharp contraction in valuations. Zee's stock valuation will de-rate, PE will slump back to 12x levels. Sony expected to benefit from Zee's content library. Zee facing growing competition from Reliance and Disney Star merger.
Sony Ends $10 Billion Merger , With India Media Giant Zee.
The deal was called off
on Jan. 22, CNN reports. .
According to Sony, “the closing conditions
to the merger were not satisfied.”.
However, the company “does not anticipate any material impact on its consolidated financial results...
Zee Entertainment dismisses rumours about the termination of the $10 billion merger with Sony India. ZEEL is dedicated to ensuring the successful completion of... IndiaTimes
Sony Corp terminates the $10 billion merger between its India unit and Zee Entertainment Enterprises due to unmet conditions. Disagreements over leadership and a... IndiaTimes
Tuesday, 23 January 2024
