Sony-Zee's $10 billion merger gets greenlight

India paved the way on Thursday for a $10 billion media and entertainment powerhouse, giving Zee Entertainment and the Indian unit of Japan's Sony Group a key merger approval.

India paved the way on Thursday for a $10 billion media and entertainment powerhouse, giving Zee Entertainment and the Indian unit of Japan's Sony Group a key merger approval.

Zee's shares were up 16.6% after the National Company Law Tribunal cleared the long-delayed deal to create a company which will be nearly 51% owned by Sony Pictures Networks India (SPNI) and 3.99% by Zee's founders.