Zee Entertainment drops 3% after Sony formally withdraws merger plans

Sony Pictures had terminated its merger with Zee back on January 22, citing unfulfilled conditions which put an end to the plans of jointly creating a media behemoth.

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Shares of Zee Entertainment Enterprises fell around 3 percent on February 29 after Sony Pictures Networks India formally recalled its merger application with the media giant that it had filed with the National Company Law Tribunal.

At 1.23pm, the Zee shares were trading at Rs 158.75 on the NSE. Volumes in the counter were also sharply high as 6 crore shares changed hands on the exchanges, significantly more than the one-month daily traded average of 4 crore shares.

This puts an end to the Zee-Sony merger saga that has been making the headlines for the past two years. The much-awaited merger came to a nasty end on January 22 after Sony Pictures terminated the process that could have created a $10-billion media behemoth.

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Sony entities Culver Max and Bangla Entertainment had also terminated their merger agreement, citing unfulfilled conditions, and sought a $90-million termination fee from Zee.

The merger was seen as the bigger growth catalyst for the media company that is otherwise roiled in controversies around its corporate governance issues. However, with the merger fallout, the Street’s sentiment towards Zee has taken a hit.

Analysts across the Street anticipate hard times for the media company, especially at a time when Reliance Industries’ deal with Disney India is expected to increase competitive intensity within the industry.

Also Read | Sony formally withdraws Zee merger application from NCLT

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