ZEE Entertainment Enterprises witnessed a decline of over 4% on December 19, driven by uncertainties surrounding its merger with Sony Pictures Networks India (SPNI). The media company expressed the need for an extended timeline to finalize the amalgamation.
In an official statement, Culver Max Entertainment Private Limited (formerly SPNI) highlighted that ZEE’s notice to the exchanges indicated an acknowledgment of their inability to meet the December 21, 2023, deadline for completing the merger. This notice triggers a contractual provision allowing both parties to explore the possibility of extending the deadline.
SPNI, responsible for initiating discussions on the extension, has not yet agreed to a specific timeline. The statement emphasized SPNI’s anticipation of ZEE’s proposals on how they intend to address the remaining critical closing conditions.
As of 12:31 pm, ZEE Entertainment shares traded 3.57% lower at ₹270.50, reflecting market concerns amid the evolving scenario surrounding the merger with Sony Pictures Networks.
