‘Sign from the Lord,’ says Zee CEO Punit Goenka on Sony deal termination

Punit Goenka, Chief Executive Officer of Zee Entertainment Enterprises Ltd

In a twist of fate, on the auspicious occasion of Pran Pratishtha in Ayodhya, Punit Goenka, Chief Executive Officer (CEO) of Zee Entertainment Enterprises Ltd, said he received the disheartening news regarding the much-anticipated merger with Sony Group Corp.

Sony's official announcement on January 22 confirmed the termination of the merger, bringing closure to a two-year acquisition saga that held the media and entertainment industry's attention.

As Goenka arrived in Ayodhya on January 22 morning for the sacred Pran Pratishtha ceremony, he said that he received a message revealing the collapse of the deal he had ardently worked towards for the past two years. He said that despite his earnest efforts, the merger between Sony's India unit and Zee Entertainment was called off.

Amid the disappointment, Goenka sought solace in the spiritual power. "I believe this to be a sign from the Lord," he said.

The unexpected turn of events did not dampen his resolve. In his post, Goenka asserted his commitment to a positive future, pledging to focus on strengthening Zee Entertainment, Bharat’s pioneering Media & Entertainment Company, for the benefit of all its stakeholders.

Punit Goenka's complete post on social networking platform X, read, "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 2 years envisioning and working towards had fallen through, despite my best and most honest efforts. I believe this to be a sign from the Lord. I resolve to move ahead positively and work towards strengthening Bharat’s pioneering M&E Company, for all its stakeholders. Jai Shri Ram"

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 2 years envisioning and working towards had fallen through, despite my best and most honest efforts.
I believe this to be a sign from… pic.twitter.com/gASsM4NdKq

— Punit Goenka (@punitgoenka) January 22, 2024

Sony Group Corp said on January 22 that it has officially notified Zee Entertainment Enterprises Ltd of plans to call off the merger between its India unit and the media network

A crucial point of disagreement centred on whether Goenka would assume leadership of the merged company, particularly in light of an ongoing investigation into his conduct by India’s capital markets regulator.

Also Read: Sony calls off $10-billion merger deal, Zee denies allegations

Sony formally communicated the decision to call off the merger, citing unfulfilled conditions necessary for the consolidation. This termination ends the potential creation of a $10 billion media giant capable of competing against global streaming behemoths like Netflix and Amazon.com.