Sony Pictures Entertainment (SPE) released a statement in response to an interim order issued against Zee Entertainment’s Chairman Emeritus Subhash Chandra and Managing Director and CEO Punit Goenka by the Securities and Exchange Board of India (SEBI). 

A statement by SPE Headquarters in an SEC filing on Tuesday stated that the company takes the SEBI order ‘very seriously’ and will monitor any developments that may affect its deal with Zee. Although the statement was ambiguous regarding the current position of the merger, market participants have given a thumbs up to Zee Entertainment.

Shares of Zee Entertainment jumped as much as 8% during the trading session on Wednesday. The stock closed at Rs 180, 3.87% higher than the previous close price on the National Stock Exchange (NSE). 

“There have been several erroneous press reports recently speculating about the future of ZEE’s planned merger with SPNI following SEBI’s interim order against Subhash Chandra and Punit Goenka,” The statement added. 

The merger between Sony and Zee’s television channels, film assets, and streaming platforms has been further delayed due to the matter. Sony said that with anti-trust laws and regulations becoming stricter, some processes following the signing of a definitive agreement might take longer than expected.