Zee Entertainment shares rebound at 8%; is the worst over for the media stock?
Wednesday, 24 January 2024 Zee Entertainment's stock rebounded by 8% after a significant dip the previous day. Investors bought shares despite Sony canceling the merger. Zee is considering legal action against Sony and challenges the arbitration claim. The breakdown of the Sony deal and possible Reliance-Disney merger may worsen Zee's standing in the industry.
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...
Zee Entertainment shares plunged 28.18% as brokerages downgraded the stock due to the cancellation of the Sony merger. The media company is expected to face... IndiaTimes
Wednesday, 24 January 2024
