Punit Goenka addresses Zee employees after collapse of the Sony deal

In the wake of the unexpected termination of the much-anticipated 10-billion USD merger with Sony, Zee Entertainment CEO Punit Goenka rallied his employees with a morale-boosting speech that echoed with a resounding “Jai Shree Ram.”

Addressing the disappointment head-on, Goenka emphasized the importance of unity within the Zee family, encouraging the team to “move on as a team, more importantly as a family.” Undeterred by the setback, he asserted that the intrinsic value and fundamentals of Zee remain unparalleled and called on employees to stay focused on the business.

Looking ahead, Goenka assured the team that Zee’s DNA is rooted in progress, not dwelling on the past. Dismissing rumors and speculations, he revealed ongoing discussions with potential partners, including reported interest from the Adani Group.

Addressing the sensitive issue of potential layoffs, Goenka provided reassurance by stating that increments and bonuses would be performance-based, alleviating concerns about job cuts resulting from the collapsed merger. He bolstered employee confidence by underscoring Zee’s financial stability, acknowledging the company’s appeal to global brands despite the loss of capital from the failed merger.

“We are an asset that a lot of global brands keep looking at,” Goenka declared, highlighting Zee’s cash-positive status and significant reserves. While acknowledging the impact of the failed merger on capital, he remained steadfast in portraying Zee as a financially robust company.

Goenka’s speech was crafted to reignite the Zee spirit and refocus the company on its core strengths. Using the metaphor of a “family,” he aimed to instill optimism and redirect attention toward Zee’s resilience and value proposition. Despite inevitable challenges, his message sent a clear signal: Zee remains committed to its employees, its business, and its future success, forging ahead with determination beyond the Sony merger.

Zee moved to court

Zee Entertainment Enterprises Limited has taken legal action by approaching the National Company Law Tribunal (NCLT) in Mumbai to enforce the 10 billion USD merger scheme with Sony Pictures Network India. The merger, announced on December 22, 2021, faced termination by Sony Pictures Networks India (now Culver Max Entertainment) on January 22, 2024. Sony cited the failure to reach an agreement within the set deadline in December 2021 as the reason for calling off the merger.