Sony-Zee and the new media reality

The Sony-Zee merger reflects the new dynamics of an era where content, competition, and distribution are increasingly dominated by big tech

By the end of September this year, India will have a new media player. The Rs 14,851 crore (or $1.8 billion in FY23 revenues) Sony-Zee will be India’s fourth-largest media company behind Google, Meta and Disney-Star. The exact name of the “merged co”, as it is referred to internally, is yet to be decided.

The National Company Law Tribunal (NCLT) passed an order last week allowing the merger. It has been cleared by the Competition Commission of India, and the two main stock exchanges. The NCLT order states unequivocally that the Securities and Exchange Board of India (Sebi) order against (now