October 6, 2022
1 min read

CCI nod for Sony-Zee merger

The mega deal had been announced in September 2021…reports Asian Lite News

The Competition Commission of India (CCI) on Tuesday gave its approval to the significant merger deal between two major media houses, Sony and Zee Enterprises Ltd.

The CCI’s approval for the deal was given with certain modifications.

The mega deal had been announced in September 2021.

The CCI approved the proposed combination subject to the carrying out of modifications proposed by the parties, under Regulation 25(1) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.

“CCI approves amalgamation of Zee Entertainment Enterprises Ltd (ZEE) and Bangla Entertainment Private Ltd (BEPL) with Culver Max Entertainment Private Ltd (CME), with certain modifications,” official sources said.

The proposed combination relates to amalgamation of each of ZEE and BEPL with and into CME, and preferential allotment of certain shares by CME to Sunbright International Holdings Ltd (earlier known as Essel Holdings Ltd), and Sunbright Mauritius Investments Ltd.

The proposed combination is in the nature of an acquisition and amalgamation falls under Section 5(a) and 5(c) of the Competition Act, 2002.

CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). CME is part of the SGC group (SGC Group). CME has several general entertainment channels (GEC), film, sports and kids’ entertainment channels in India.

SonyLIV is CME’s digital entertainment video service which provides OTT services in India and international markets.

CME reaches out to over 700 million viewers in India and is available in 167 countries.

ALSO READ: India saw online transactions worth Rs 36 trillion in Q2

Previous Story

SMBs hit hard by rising inflation: Meta

Next Story

OPEC+ makes big cut in oil output

Latest from Business

India Dominates Global Digital Banking List

Indian banks have observed the most notable gains in day-to-day banking (+9.8 pp) and expanding relationships (+3.4 pp)….reports Asian Lite News As many as 9 Indian banks have been recognised as ‘Digital

India Tops Global Growth Charts Again

India Retains Top Spot as Fastest-Growing Economy, Only Major Nation to Exceed 6%…reports Asian Lite News India remains the world’s fastest-growing major economy and the only nation projected to achieve over 6%
Go toTop

Don't Miss

UK universities wooing Indian students with ‘bring your family’ offers

A graduate visa, previously known as the post-study visa, gives

India’s entertainment industry foresees unique growth

The country’s total video games and exports revenue was Rs