Zee Entertainment’s shares dip

New Delhi: Sony Pictures Networks India (SPNI) said on Tuesday that it looks forward to hearing Zee Entertainment’s proposals and how they plan to complete the remaining critical closing conditions.

Zee shares fell more than 4 per cent on Tuesday after Sony statement on the merger. Zee shares were trading at Rs 268.20 on BSE. Sony Pictures Networks India (SPNI) said in a statement: “ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger.

The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. SPNI is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions.”