Punit Goenka Clarifies No Talks With Sony After Merger Fallout
Zee Entertainment Enterprises (ZEEL) Managing Director Punit Goenka clarified that there have been no discussions with Sony following the fallout of the merger, he shared with a media publication.
When questioned about the decision to approach NCLT, Goenka stated that ZEE filed the application because the terms of the termination were inaccurately portrayed.
Goenka expressed that several investors have shown interest in joining as financial partners, but the current priority is ensuring the company delivers value to its shareholders.
Regarding the Disney-Viacom merger, the Managing Director of ZEEL conveyed his belief that "it's better to fragment the market than get fragmented."
Goenka emphasised that he had presented multiple proposals to Sony to make the merger successful, but none of them were accepted.
“We have even approached the NCLT to seek direction on the implementation of the scheme. As a member of the founding family of ZEE and as a leader of this organisation, I certainly wanted the merger to be implemented. Zee even took several steps towards the closure of profitable businesses in the domestic and international markets. I personally offered several proposals to Sony to address their demands but unfortunately, they remained unaccepted. Since the matter is subjudice, I would not like to say more and let the law take its own course", he shared during the Q3 earnings call.
