Zee Entertainment denies reports of revival of merger talks with Sony
New Delhi, Feb 20 (IANS) Zee Entertainment has denied reports that the company is in talks to revive the merger with Sony.
In a statement, Zee Entertainment said, “We would like to clarify that the company is not involved in any negotiations, or any other event as stated in an article, and we categorically confirm that the news item is factually incorrect.”
The company further added, “We wish to clarify that the company is not aware of any information that has not been announced to the exchanges, which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the article on the company.”
The denial comes after Zee shares surged more than 8 per cent on Tuesday and closed at Rs 193, up Rs 14.35. The bounce in the stock was attributed to reports that Zee and Sony were in talks again to revive the merger.
The news of the revival of merger talks apparently led to the spike in Zee shares, but the company has now clarified that there is no truth to these reports.
This statement from Zee Entertainment puts to rest the speculations around the revival of merger talks with Sony and the impact of such reports on the stock market.
The denial by Zee Entertainment has brought clarity to investors and the public about the company’s stance on the alleged revival of merger talks with Sony.
The company’s shares have been on a rollercoaster ride due to the speculation, and the clarification will likely bring stability to the stock market.
In conclusion, Zee Entertainment’s denial of revival of merger talks with Sony has put an end to the speculations and provided clarity to the market. This move is expected to bring stability to the company’s stock in the near future.
