To secure approval for the $10 billion merger plan, Zee Entertainment Enterprises Ltd and Sony Pictures Networks India have offered fresh concessions, which include a proposal to shut down a major entertainment channel.
In a submission to the Competition Commission of India (CCI), Zee on Friday offered to shut down a major entertainment channel, that has around 20-30 per cent market share in the entertainment channel space to ease competition concerns, reported Livemint quoting two people aware of the development.
“Zee has agreed to shut one of its dominant entertainment channels. Removing the business of this channel from the scope of the merger will ensure that the merged entity’s overall market share is pruned in certain major regions. This may