The Competition Commission of India (CCI) on Tuesday gave its nod to a significant merger deal between two leading media houses Sony and Zee Enterprises Ltd.
The CCI Approval for the Deal Has Been Given with Some Modifications
The mega deal was announced in September 2021.
The CCI approved the proposed combination subject to fulfillment of the amendments proposed by the parties under regulation 25(1) of the Competition Commission of India (Procedure in respect of transaction of business relating to the combination) Regulations, 2011.
“The CCI has approved the merger of Zee Entertainment Enterprises Limited (G) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CME) with certain modifications,” official sources said.
The proposed amalgamation is in the nature of an acquisition and the amalgamation is covered under sections 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 children’s entertainment channels in India.
Sony Liv is CME’s digital entertainment video service that provides OTT services in India and international markets.
CME reaches over 700 million viewers in India and is available in 167 countries.