Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies’ linear networks, digital assets, production operations, and program libraries.
The stock jumped 31.86 percent to close at Rs 337.10 on the BSE. During the day, it rallied 39 percent to its 52-week high of Rs 355.40. On the NSE, it zoomed 30.50 percent to close at Rs 333.70.
The company’s market valuation also jumped Rs 7,823.98 crore to Rs 32,378.98 crore on the BSE.
Buying was also there in other group stocks, with Zee Learn zooming 14.30 percent and Zee Media Corporation gaining 4.92 percent on the BSE. Further, Sony Pictures Entertainment, the parent company of Sony Pictures Networks India (SPNI), would invest growth capital so that SPNI has a cash balance of approximately USD 1.575 billion, SPNI said in a statement.
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