Mumbai: On Tuesday, the Competition Commission of India (CCI) announced the amalgamation of Zee Entertainment Enterprises (ZEE) and Bangla Entertainment (BEPL) with Culver Max Entertainment (CME), formerly known as Sony Pictures Networks India.
The amalgamation has been approved "with certain modifications," the commission said in an official release.
Combination C-2022/04/923
Commission approves amalgamation of Zee Entertainment Enterprises Limited (ZEE) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CME), with certain modifications.#CCIMergerControl #mergers #mergerupdate pic.twitter.com/5JFG6RgiHl— CCI (@CCI_India) October 4, 2022
According to a statement, CCI stated, "The proposed combination relates to (i) amalgamation of each of Zee and BEPL with and into CME; and (ii) preferential allotment of certain shares by CME to Sunbright International (earlier known as Essel Holdings), and Sunbright Mauritius Investments.”
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Commenting on this development, Sony Pictures Network India said “We are delighted to receive CCI approvals to merge ZEEL into SPN. We will now await remaining regulatory approvals to finally launch the new merged company. The merged company will create extraordinary value for Indian consumers and eventually lead the consumer transition from traditional pay TV into the digital future.”
In December, Sony and Zee agreed to merge their television channels, film assets, and streaming platforms to form a powerhouse in a key growth market of 1.4 billion people, challenging rivals such as Walt Disney Co.
