BesTV New Media Co and Shanghai Oriental Pearl (Group) Co, two listed new media arms under State-owned media conglomerate Shanghai Media Group (SMG), said on Thursday that their merger has received antitrust approval from the Ministry of Commerce.
The completion of the deal still needs approval from China Securities Regulatory Commission, according to statements filed by the two listed companies separately on the Shanghai bourse late on Thursday.
The trading of the two companies' stocks have been halted since March 26, pending the completion of their merger.
In November 2014, BesTV New Media Co announced in a filing that it will acquire Shanghai Oriental Pearl and the new company will be named Shanghai Oriental Pearl New Media Co, in which holding shareholder SMG will have a 45.07 percent stake.
The merger is expected to be the first step of SMG's restructuring and reform, according to media reports.
