Mumbai : Two days after calling off the USD 10 Billion deal with Zee Entertainment for its India operations, Sony Picture Network India (SPNI) has told its employees that the company is committed to long-term growth in India and would explore organic and non-organic possibilities to strengthen its presence in the country.
In a letter to employees, SPNI Managing Director and CEO N P Singh asked them to focus on current projects, with an immediate goal to unleash the company’s full potential and continue to craft content that not only engages audiences but also promote subscriber growth and revenues.
“As we close the chapter on our proposed merger with Zee Entertainment Enterprises Ltd (ZEEL), I want to take a moment to talk to you… not just as your CEO but as someone who has been on this journey with you. This change in our plans allows us to step into a new phase of our story, which, I believe, is full of promise,” he said.
Singh also emphasized the importance of leading changes in the media and entertainment Industry rather than simply adapting to them.
“We have always been at our best when innovating and pushing the boundaries of what we can achieve. The Industry is constantly changing and our journey is not just about adopting to change; it is about leading it,” the CEO added.
On January 22, the USD 10 Billion deal with Sony and Zee was called off by the former. Sony sought a dollar 90 million termination fee while invoking Arbitration and legal action against Zee.
