Zee Entertainment Enterprises chief executive officer Punit Goenka on Monday reacted to Sony officially ending the merger of its India unit with Zee, calling it a ‘sign from the lord’.
“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,” Goenka posted on X.
“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,” the Zee CEO added.
Japanese entertainment giant Sony on Monday officially notified Zee of its plans to scrap the merger between its India unit and the media conglomerate. The decision follows a stalemate between the two companies whether Goenkar would lead the merged entity amid a probe into its conduct by Securities Exchange Board of India.
The standoff scuttled the deal, which would have created a $10 billion media giant with the financial muscle to take on global powerhouses Netflix Inc. and Amazon.com Inc.
This is a developing story. Please stay tuned for updates.