The Indian mega-merger between Sony’s TV operations in India and Zee Entertainment has been given the greenlight, paving the way for a $10B TV partnership.
According to Reuters, people present at a regulatory hearing said on Thursday a key approval had been given. Zee’s shares were up 10% after the National Company Law Tribunal cleared the deal.
The mega-merger will create an Indian media giant, with the bringing together of the two companies’ linear TV networks, digital assets, production operations and program libraries.
Sony will provide a large cash injection and control a majority share stake of close to 51%. The merger has been in the offing for two years but has hit several regulatory roadblocks.
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