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

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

20220324 Zee Entertainment Enterprises HQ

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

SAYAN CHAKRABORTY, Nikkei staff writer

March 24, 2022 21:03 JST

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."