The Competition Commission of India (CCI) has cleared the purchase of stake in BTS Investment 1 Pte and Bodhi Tree Systems VCC by NBC Universal Media.
BTS Investment 1 (BTS Investment) is an investment venture firm of Asia Initiatives, which is jointly held by James Murdoch's Lupa Systems and ex-chairman of Star and Disney India Uday Shankar, while Bodhi Tree Systems VCC (BTS VCC) is an affiliate of Asia Initiatives.
The proposed combination pertains to acquisition by NBC Universal Media (NBC Universal) of certain shareholding of BTS Investment and BTS VCC.
CCI further said in the release that a portion of the proceeds from the investment will be used by BTS Investment for further investment into Viacom18 Media (Viacom18), as per a report by PTI.
Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS).
Thereafter, in April, BTS announced that it is raising funds with a consortium of investors to invest Rs 13,500 crore in Viacom18, as part of a tripartite partnership with billionaire Mukesh Ambani's Reliance, to form one of the largest TV and digital streaming firms in India.
CCI approved the deal on Wednesday, the PTI report stated.
NBC Universal is a multinational media and entertainment firm which is a wholly-owned subsidiary of Comcast Corporation.
Viacom18 is engaged in providing media and entertainment services through its portfolio of channels and streaming app 'Voot'.
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