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’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an
Go toTop

Don't Miss

China says ‘support India’ for G20 success

The ties between India and China have been under severe

India, Aus celebrate 75 years of cricket friendship

Prime Ministers Modi and Albanese were greeted with loud cheers