Zee Entertainment gains 6% after CCI's conditional nod for merger with Sony

Analysts believe that the approval paves way for the consummation of the merger by Q4 of this fiscal year.

Shares of Zee Entertainment Enterprises (ZEEL) gained 6 per cent to Rs 283.75 in Thursday’s intra-day trade, after the Competition Commission of India (CCI) granted conditional approval to the proposed merger of the company with Sony Pictures Networks (SPN) India.

“The Competition Commission of India (CCI) has, vide its letter dated October 04, 2022, approved the amalgamation of Zee Entertainment Enterprises Limited and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CMEPL) (formerly known as Sony Pictures Networks India Private Limited) with certain modifications,” ZEEL said in an exchange filing.

In the past one week,