Zee-Sony merger gets conditional approval from CCIZEEL - 255 Change: -0.60 (-0.23 %)
The Competition Commission of India (CCI) on October 4 granted conditional approval to the proposed merger of Zee Entertainment Enterprises with Culver Max Entertainment Pvt Ltd (CME), formerly known as Sony Pictures Networks India.
While the conditions have not yet been divulged by the companies or CCI , media reports indicate it involves shutting down of some channel. We expect either of any regional channel or second GEC segment to be sold/shut down. Most importantly, the approval paves the way for consummation of merger by Q4 as indicated by the company. Fundamentally , we expect ad growth recovery in Q3 led by the festive season.