The two groups have agreed to divest Big Magic, which is a Hindi general entertainment channel, as well as Zee Action and Zee Classic, which are Hindi film channels, according to the order.
“We are delighted to receive CCI approvals to merge ZEEL into SPN. We will now await remaining regulatory approvals to finally launch the new merged company,” Sony Pictures Networks India stated on the CCI approvals.
ZEEL had called a meeting of its equity shareholders on Friday following the orders of the National Company Law Tribunal, which had directed it to get the scheme of arrangement approved from them as per the procedures of the Companies Act.
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