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NEW DELHI, Oct 4 (Reuters) – India’s competition watchdog on Tuesday approved a merger between the Indian units of Japan’s Sony. (6758.T) and Zee Entertainment Enterprises (ZEE.NS) That would create a $10 billion TV giant, but there are certain conditions.
This Competition Commission of India Conditions were not specified. Sony said it would wait for the remaining regulatory approvals to launch the combined company, while Zee did not respond to a request for comment.
Sources told Reuters last month that Zee and Sony had offered concessions such as pricing discounts to help ease regulators’ concerns about their merger. read more
Antitrust regulators warned in August that the deal would come under further scrutiny, saying its “huge market position” would give them “unparalleled bargaining power” with 92 channels in India’s vast media and entertainment market. read more
In December, Sony and Zee decided to combine their TV channels, movie properties and streaming platforms to create a formidable company to take on the likes of Netflix in a key growth market of 1.4 billion people (NFLX.O) and Disney (DIS.N) in India. read more
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Reporting by Tanvi Mehta in New Delhi and Nishit Navin in Bengaluru; Editing by Louise Heavens and Arun Koyyur
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