Reuters reveals India finds Sony-Zee merger can hurt competition; shares fall

Reuters was first to report that 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”. A confidential notice detailing the Indian antitrust watchdog’s initial review, seen by Reuters, stated the watchdog is of the view that a further investigation of the merger is needed. Shares in Zee fell 6% during trade after Reuters revealed the news.