Shares of Zee Entertainment Enterprises Ltd (ZEEL) surged nearly 15% on February 20 after reports surfaced suggesting that the media company is trying to revive its $10 billion merger with Sony Group’s Indian arm.

Zee Entertainment shares hit an intraday high of Rs 205.25, 14.98% higher than its previous closing price on the National Stock Exchange (NSE). The stock closed 6.67% higher at Rs 190.40. 

Several media reports stated that representatives from ZEEL and Sony India held meetings at various locations across Mumbai over the last fortnight in an attempt to salvage the merger deal.

The meetings aimed to overcome the major differences and reach an agreement within the next 48 hours, as per the report. Neither company has commented on the matter yet.

Proposed in December 2021, the mega-merger between Zee and the Sony group was officially called off after more than two years on January 22, 2024. The Zee-Sony merger would have created a potential content and entertainment powerhouse in India. 

Sony Group issued a termination letter to formally exit from the merger agreement, citing several reasons, including closing conditions not being met by Zee. The company was also seeking a termination fee of $90 million.

Since then, both companies have taken their grievances to legal platforms like the Singapore International Arbitration Centre (SAIC) and the National Company Law Tribunal (NCLT).