Competition Commission on Tuesday gave its conditional approval for the proposed merger between media groups Sony and Zee.
The approval has been given after the Competition Commission of India (CCI) accepted the voluntary remedies proposed by the parties to allay possible anti-competitive concerns, the sources close to the development said.
Combination C-2022/04/923
— CCI (@CCI_India) October 4, 2022
Commission approves amalgamation of Zee Entertainment Enterprises Limited (ZEE) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CME), with certain modifications.#CCIMergerControl #mergers #mergerupdate pic.twitter.com/5JFG6RgiHl
The proposed merger of Zee Entertainment Enterprises Ltd (ZEEL) with Sony Pictures Network India (SPNI) was announced in September last year.
The deal would help Sony to expand its media business in India. SPNI is an indirect wholly-owned subsidiary of Sony Group Corporation, Japan.
Deals beyond a certain threshold require the approval of the CCI.
