Business
Zee-Sony Merger Gets Competition Commission's Conditional Nod: Report
Zee and Sony
The Competition Commission of India (CCI) has reportedly given conditional nod to the proposed $10 billion merger of Zee and Sony.
The Zee-Sony merger was authorised with limitations by the CCI, reports CNBC-TV 18.
According to reports, CCI imposed limits to prevent Zee and Sony from abusing their dominating market position.
Last year, Sony and Zee announced that they will integrate their television stations, film assets, and streaming platforms to build a media and entertainment powerhouse with a large base of 1.4 billion viewers.
In its initial assessment last month, the CCI had expressed concens that the proposed merger of Sony Pictures Networks India (SPN) and homegrown media network Zee Entertainment Enterprises (ZEE) will hurt competition by having “unparalleled bargaining power”.
The CCI noted that the deal will leave the merged business in a "strong position" with roughly 92 channels in India.
The deal, announced last year, needs regulatory, shareholder and third-party clearances for it to close.
To allay the concerns expressed by the CCI, Zee and Sony had offered to close TV channels in the relevant markets if needed.
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