India's Zee Entertainment on Tuesday said it was committed to its merger with Sony's local arm, after reports said the Japanese firm was planning to call off their $10 billion deal.
"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," Zee said in a statement, calling the report "baseless and factually incorrect."
The comments came after shares of the cash-strapped local broadcaster sank as much as 14% following a Bloomberg report that Sony's local arm could scrap their merger, raising concerns about its fate in a highly competitive market.
Zee's shares, which were on track for their worst day since April 2021, recouped some of their losses and were down 4.6% in afternoon trade.
