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

Technology

Logo for ZEE5, an over-the-top platform of Zee Entertainment Enterprises.
Bloomberg | Bloomberg | Getty Images

Shares of India’s Zee Entertainment fell 31% on Tuesday after a division of Japanese tech giant Sony scrapped plans for a merger.

Sony first proposed to combine its India entertainment business with Zee in December 2021. Those negotiations collapsed after more than two years.

On Monday, Sony said that it terminated the merger because “among other things, the closing conditions to the Merger were not satisfied” by the agreed closing date.

– This is a breaking news story. Please check back for more.

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