Mumbai, Jan 24 – N.P. Singh, Sony Pictures Networks India Managing Director and Chief Executive Officer, assured employees that he, along with the senior management, is “committed to setting the company up for a long-term, strong future”.
The development comes close to Sony terminating its $10-billion Zee merger deal, which led to shares of Zee Entertainment Enterprises slumping 30.5 per cent, its worst single-day fall, on January 23.
In a statement accessed by the media, Singh said: “Our journey towards the merger has been remarkable, showing us how resilient and dedicated we can be when working towards a common goal.”
He continued by noting: “As we transition from this phase, I am, along with the senior management team, committed to setting the company up for a long-term, strong future. We will actively explore new organic and inorganic possibilities to strengthen our market presence.”
Sony had called off the deal on January 22, claiming delays and lapses in meeting closing conditions of the agreement.
The firm is also seeking a termination fee of $90 million on account of reported breaches of the Merger Co-operation Agreement (MCA).
According to media reports, at the core of the disagreement was the Sony’s concerns over Zee’s Managing Director and CEO, Punit Goenka.
Sony was adamant on making N.P. Singh the chief executive of the merged identity.
“Our immediate focus will be back on unleashing our full potential, continuing to craft content that not only engages our audience but also boosts subscriber growth and revenues, thereby nurturing a culture rooted in excellence, pivotal for our ongoing growth and success,” Singh said.
Singh said that the media and entertainment world is “constantly changing” and “our journey is not just about adapting to change; it’s about leading it”.
He concluded the communique by saying: “I express my deepest gratitude to each of you for your unwavering commitment and resilience.”
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