This article proposes a new two-parameter generalized entropy, which can be reduced to the Tsallis and the Shannon entropy for specific values of its parameters. We develop a number of information-theoretic properties of this generalized entropy and divergence, for instance, the sub-additive property, strong sub-additive property, joint convexity, and information monotonicity. This article presents an exposit investigation on the information-theoretic and information-geometric characteristics of the new generalized entropy and compare them with the properties of the Tsallis and the Shannon entropy.

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