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.
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