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Business deals

Indian broadcaster Zee draws shareholder fire over Sony merger

U.S. fund manager Invesco cites unfair advantage to founding family

Sony Group looks to create India's largest broadcaster with a merger between its local subsidiary and Zee Entertainment Enterprises.   © Reuters

MUMBAI -- U.S. fund manager Invesco, a major shareholder in Indian media giant Zee Entertainment Enterprises, objects to a proposed takeover by Sony Group, saying the deal would "unfairly favor" the founding family.

The merger would form the biggest broadcaster in India. Sony would be the majority shareholder, with Zee's founding family holding the right to raise its interest in the combined entity to 20% from less than 4%.

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