Punit Goenka: “It is time to move on” from Sony-ZEE merger

Punit Goenka, CEO at ZEE TV has been in touch with staff to update them about the merger fallout, saying there would be no impact on ZEE’s day-to-day business.

Goenka added: “It is time to move on as a team, more importantly as a family. The intrinsic value and fundamentals of ZEE remain unmatched.”

“At ZEE, we never believe in looking behind,” he said. Goenka also assured there would be no staff redundancies after the failed merger, and increments and bonuses would be performance-based.

“We are an asset that a lot of global brands keep looking at,” Goenka said.

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“The merger has taken away a lot of capital but we are still a cash positive company and we have significant cash reserves,” he added.

Sony’s CEO N P Singh also addressed his Sony staff earlier in the week in an email, and shared the company’s strategic vision after the fallout and plans to lead the media and entertainment space.