Zee Entertainment shares rebound at 8%; is the worst over for the media stock?

Sony Ends $10 Billion Merger , With India Media Giant Zee. The deal was called off on Jan. 22, CNN reports. . According to Sony, “the closing conditions to the merger were not satisfied.”. However, the company “does not anticipate any material impact on its consolidated financial results as a result of the termination of the definitive agreements for the merger.”. Sony expects Zee to pay a $90 million termination fee “on account of alleged breaches.”. Mumbai-based Zee “categorically denies all the assertions … including their claims for the termination fee,” according to a statement made by the company. . Zee is reportedly “evaluating all the available options.”. While the deal's unmet conditions weren't specified, . there is speculation that the two companies disagreed about who would lead the entity following the merger. . Zee wanted its CEO, Punit Goenka, to run things, . but Sony wasn't happy with that choice, considering Goenka is being investigated by India's market regulator, according to reports by Reuters.

Zee Entertainment shares plunged 28.18% as brokerages downgraded the stock due to the cancellation of the Sony merger. The media company is expected to face...