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...
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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