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Media & Entertainment

India's Zee Entertainment shares soar as Invesco accepts Sony deal

U.S. fund manager will monitor merger after setting aside earlier concerns

India's Zee Entertainment shares surged 16% on Thursday after main shareholder Invesco approved a merger proposal with Sony.     © AP

BENGALURU -- In a reprieve for Zee Entertainment, its largest shareholder has decided not to press for an extraordinary general meeting to appoint independent directors in a bid to improve corporate governance.

Zee Entertainment shares had surged 16% by the close of trading on Thursday after Invesco Developing Markets Fund, which owns 18% of the company, said it believes Zee's proposed merger with Sony Pictures Network India (SPNI) "in its current form has great potential for Zee shareholders."

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