Zee-Sony Deal Collapse A Sign From Lord, Says Punit Goenka

Punit Goenka, who is in Ayodhya to partake in Pran Pratishtha ceremony of Lord Ram, will focus on strengthening the company for all its stakeholders
Zee-Sony Deal Collapse A Sign From Lord, Says Punit Goenka
Image Source: Zee Entertainment

Zee Entertainment Enterprises Ltd. Managing Director and Chief Executive Officer Punit Goenka said the collapse of the proposed merger deal with Sony Group is a sign from the Lord and he will focus on strengthening the company for all its stakeholders.

“As I arrived at Ayodhya early this morning for the auspicious occasion of Pran Pratishtha, I received a message that the deal that I have spent two years envisioning and working towards had fallen through, despite my best and most honest efforts,” Goenka said on social media platform X, formerly Twitter.

Goenka is participating in Pran Pratishtha (consecration) ceremony of Lord Ram in the newly built Shri Ram Janmbhoomi Mandir in Ayodhya in the Indian state of Uttar Pradesh.

Sony Group terminated the proposed merger of its Indian units -- Culver Max Entertainment Private Ltd. (formerly known as Sony Pictures Networks India Private Ltd.) and Bangla Entertainment Private Ltd. -- with Zee and sought a termination fee of $90 million from the company alleging it breached the agreement terms.

Zee denied all the assertions raised by Culver Max and Bangla Entertainment on the alleged breaches under the agreement terms. The company said it will take all the necessary steps, including appropriate legal action, to protect the long-term interests of all its stakeholders.

“I believe this to be a sign from the Lord,” Goenka said. “I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E (media and entertainment) company, for all its stakeholders.”

Zee today said the company will continue to evaluate organic and inorganic opportunities for growth, leveraging the intrinsic value of its assets.

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