The Competition Commission of India (CCI) gave conditional approval Tuesday to the merger plan of Zee Entertainment Enterprises (Zee) and Sony Pictures Networks India (SPNI), which will create India’s largest media entertainment firm.
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The specific conditions laid down by the antitrust regulator are not known, barring that the two firms should ensure there’s no unfair dominance in any market. Zee and Sony have agreed to the changes proposed by the CCI. “CCI approves amalgamation of Zee and Bangla Entertainment Private Ltd (BEPL) with Culver Max Entertainment Private Ltd (CME), with certain modifications,” the CCI said in a tweet.
“We are delighted to receive CCI approvals to merge Zee into SPN. We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future,” SPNI said.
“In its official communication issued on Tuesday, the CCI has granted the approval in Phase-1 after evaluating the official legal and economic submissions made by the company. Considering the immense value which the proposed merger will generate for all its stakeholders, the company has offered the necessary remedies in accordance with the regulator’s guidelines. A detailed order is awaited,” Zee said. FE
