Zee Entertainment shares surge after Sony India announces settlement deal

Zee Entertainment Enterprises Ltd. on Tuesday announced that it has reached an agreement to settle all disputes with Sony over the termination of the merger. Sony and Zee will withdraw all their complaints against each other.

Zee said it would resolve all disputes relating to, arising out of or in connection with the transaction with CMEPL and BEPL

The company said it would withdraw all claims and requests with the Singapore International Arbitration Centre and waive any right to file claims against each other.

Both companies will withdraw their respective composite schemes of arrangement from the NCLT and notify the relevant regulatory authorities, thereby terminating the $10 billion deal.

Zee Entertainment’s $10 billion merger with Sony Pictures was called off in January this year after being in the works for over two years.

Following today’s announcement, ZEEL shares climbed 10% to a daily high of ₹154.90.