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CCI approves Sony-Zee merger with sure modifications

New Delhi [India], October 4 (ANI): The Competition Commission of India (CCI) on Tuesday stated it had granted approval to the amalgamation of Zee Entertainment Enterprises Limited (ZEE) and two Sony group companies Bangla Entertainment Private Limited (BEPL) and Culver Max Entertainment Private Limited (CME), with sure modifications.

The proposed mixture pertains to (i) amalgamation of every of ZEE and BEPL with and into CME; and (ii) preferential allotment of sure shares by CME to Sunbright International Holdings Limited (earlier generally known as Essel Holdings Limited), and Sunbright Mauritius Investments Limited, the Competition Commission of India stated in a press release.

The proposed mixture is within the nature of an acquisition and amalgamation falls below Section 5(a) and 5(c) of the Competition Act, 2002, it stated.

CME is an oblique wholly owned subsidiary of Sony Group Corporation (SGC). CME is a part of the SGC group (SGC Group). CME has a number of common leisure channels (GEC), movie, sports activities and children’ leisure channels in India. SonyLIV is CME’s digital leisure video service which supplies OTT companies in India and worldwide markets. CME reaches out to over 700 million viewers in India and is out there in 167 nations.

BEPL can also be an oblique wholly owned subsidiary of SGC and part of the SGC Group. BEPL is broadly engaged in: (i) the acquisition of rights for movement footage, occasions and different TV content material; and (ii) producing promoting income from the telecast of TV content material.

ZEE is a media and leisure firm, with presence throughout the segments of broadcasting, digital content material, motion pictures, music and reside leisure, unfold over 190 nations. ZEE5 is ZEE’s digital leisure video service which supplies OTT companies in India and worldwide markets. ZEE is a listed firm on the stock exchanges of BSE Limited and the National Stock Exchange of India Limited.

The Commission accepted the proposed mixture topic to the finishing up of modifications proposed by the events, below Regulation 25(1) of the Competition Commission of India (Procedure in regard to the transaction of enterprise regarding combos) Regulations, 2011. (ANI)

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