The sony-Zee merger that has been publicly announced in September 2021, got approval from the Competition Commission of India based on conditional adjustments
The Competition Commission of India (CCI) approved the big merger agreement between two media giants Sony and Zee Enterprises Ltd, in the late evening of Tuesday.
In accordance with Regulation 25(1) of the CCI (Procedure in relation to the transaction of business relevant to combinations) Regulations, 2011, the CCI accepted the proposed merger subject to the implementation of the adjustments requested by the parties.
As per the official inputs, the CCI has agreed on the merger of Zee Entertainment Enterprises Ltd (ZEE) and Bangla Entertainment Private Ltd (BEPL) with Culver Max Entertainment Private Ltd (CME), with a few adjustments.
This will combine ZEE and BEPL into CME, with Sunbright International Holdings Ltd. (earlier Essel Holdings Ltd.) and Sunbright Mauritius Investments Ltd, receiving preferred rights to certain CME shares.
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Sections 5(a) and 5(c) of the Competition Act of 2002 are applicable since the proposed combination is an amalgamation and falls under the purview of an acquisition.
- CME is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC).
- CME belongs to the SGC family (SGC Group).
- General entertainment channels (GEC), movies, sports, and family-friendly channels are all available on CME in India.
- CME’s digital entertainment video service, SonyLIV, offers OTT services in markets outside of India.
- In India, CME reaches more than 700 million viewers.