The Competition Commission of India (CCI) has given conditional approval for its proposed merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India Private Limited). Reportedly, ZEE and Sony may switch off certain channels in order to meet requirements of CCI for the merger.
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.
Official statement from the company read, “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 7th September 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,” the statement further read.