India approved the merger of a local unit of Japan’s Sony Group and India’s Zee Entertainment, people present at the hearing said on Thursday, granting a key regulatory approval and clearing the way for a $10 billion TV tie-up.
Zee Entertainment’s shares were up 10% after the National Company Law Tribunal cleared the deal. The merger was announced in 2021 but has been delayed for multiple reasons.
The merger triggered worries after the Securities and Exchange Board of India banned Zee Entertainment’s CEO from the boardrooms of listed companies for a year. He had been lined up to be the merged entity’s managing director and CEO.
Last year, Zee and Sony offered concessions such as pricing discounts to help ease regulatory concerns and received antitrust approval for the merger.
Reuters