A merger between the Indian unit of Japan’s Sony and Zee Entertainment to create a $10 billion TV enterprise will potentially hurt competition by having “unparalleled bargaining power”, the country’s antitrust watchdog found in an initial review, according to an official notice seen by Reuters.
The Competition Commission of India’s (CCI) August 3 notice to the two companies stated the watchdog is of the view that a further investigation is merited.
Shares in Zee fell nearly 5% in morning trade on Thursday following the Reuters report.
