Zee Entertainment Enterprises Limited (NSEI:ZEEL) on 09 January 2024 dismissed media reports claiming termination of the $10 billion merger with Sony Pictures Networks India Pvt. Ltd. in a stock exchange filing. The Puneet Goenka-led company said the report is baseless and factually incorrect.

"We wish to reiterate that the Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger," the company said. Shares of Zee Entertainment which was down 8% at open, pared some losses to trade down 4.80% following the clarification as of 1:20 pm. ET on January 9 reported that Sony Group Corporation (TSE:6758) is on the verge of calling off its proposed $10 billion merger between its India operations with Zee Entertainment Enterprises Ltd. (ZEEL).

The said merger was first announced two years ago in a bid to create India?s largest broadcast company. The lapses in complying with what are called conditions precedents (CP) in legalese, has added to the simmering discontentment between the suitors, who thus far couldn?t agree on ZEEL MD Punit Goenka being the CEO of the merged entity, until he?s cleared of charges that he siphoned off money from the publicly-traded firm to closely held companies owned by his family?s Essel Group.