Shares of ZEE Entertainment Enterprises slumped over 4% on 19 December over the uncertainty over its merger with Sony Pictures Networks India (SPNI), as the firm seeks an extension of the timeline to complete the amalgamation.

Culver Max Entertainment Private Limited, formerly known as Sony Pictures Networks India, said that ZEE’s notice to the exchanges is an acknowledgement that they will not be able to meet the 21 December 2023 deadline to close the merger.

Sony added, “The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline.”

They added, “SPNI is required to start those conversations but has not yet agreed to a deadline extension. We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions.”

The company had earlier requested Culver Max Entertainment Private Limited and Bangla Entertainment Private Limited to extend the date required to make the merger scheme effective.

At 3:30 pm, the shares of ZEE Entertainment closed 3.14% lower at Rs 271.70 on NSE.