CCI grants approval to Zee-Sony merger

06 Oct,2022

By Our Staff

 

Zee Entertainment Enterprises Ltd. (ZEEL) has received an approval from the Competition Commission of India (CCI) for its proposed merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited).

 

In its official communication issued, the CCI has granted the approval in Phase-1 after evaluating the official legal and economic submissions made by the Company. Considering the immense value which the proposed merger will generate for all its stakeholders, the Company has offered the necessary remedies in accordance with the regulator’s guidelines. Detailed order is awaited.

 

In its order pronounced on September 7, 2022, the National Company Law Tribunal (NCLT) had advised the Company to convene and conduct the meeting with its shareholders on 14th October 2022, to seek their approval for the proposed merger.  The Composite Scheme of Arrangement remains subject to applicable regulatory and other approvals.

 

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