Representational image only.
| Photo Credit: AP

Sony Pictures Networks India on June 24 announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director and CEO, effective on or before August 26, pending regulatory approvals.

“Mr. Banerjee will succeed N. P. Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure,” Sony Pictures Networks India (SPNI) said in a statement.

Mr. Singh will move into the new role only after Mr. Banerjee takes charge, to support the transition through the end of the fiscal year.

“N.P. Singh’s leadership has been instrumental in shaping SPNI into the powerhouse it is today. I am confident that Gaurav Banerjee, with his proven track record and visionary approach, will continue to drive SPNI’s success,” said Ravi Ahuja, Chairman of Global Television Studios and President & COO of Sony Pictures Entertainment.

“Mr. Banerjee previously held the positions of Head of Content for Hindi Entertainment & Disney+ Hotstar and Business Head for Star Bharat, Hindi & English Movies, Kids & Infotainment, and Regional (East),” the statement said.

He started career in media as an assistant producer and anchor at Aaj Tak and later moved to Star News, where he started producing and anchoring prime time news shows.

“Mr. Banerjee has a master’s degree in film-making and TV production from Jamia Millia Islamia University and an undergraduate in history from St. Stephens, Delhi,” the company said. His appointment follows Mr. Singh’s decision to move on, which was announced last month.

Mr. Singh had said that after nearly 44 years in his career, he is “ready to focus on social change and shift from operational roles to advisory ones”.

The Japanese parent of SPNI, had pushed for Mr. Singh to lead the merged entity proposed to be formed after amalgamation with India’s Zee Entertainment Enterprises Limited (ZEEL) before calling off the $10 billion deal in January this year.

The deal announced more than two years back, collapsed following a stalemate over who will lead the merged entity and also due failure to meet closing conditions by ZEEL despite a month’s extension of deadline.

ZEEL has, on account of Culver Max’s and BEPL’s breaches under the Merger Cooperation agreement, terminated the MCA by issuing a letter dated May 23, 2024. 
| Photo Credit: Reuters

Zee Entertainment Enterprises has sought a termination fee of $90 million (around ₹748.7 crore) from the Sony Group for calling off the $10 billion merger deal in January this year.

It has sought termination fees from two Sony Group entities — Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Limited (ZEEL) on May 24.

ZEEL has, on account of Culver Max’s and BEPL’s breaches under the Merger Cooperation agreement (MCA), terminated the MCA by issuing a letter dated May 23, 2024. “The company has sought a termination fee from Culver Max and BEPL under the provisions of the MCA,” it said.

“Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee i.e. the aggregate amount equal to $90 million in accordance with the MCA,” it said.

Earlier on January 22, 2024, Sony Group Corporation (SGC) had said that ZEEL did not satisfy the merger conditions and initiated arbitration proceedings before the Singapore International Arbitration Centre (SIAC) claiming $90 million as termination fee.

This was contested by ZEEL before the SIAC, which denied any interim relief to the Sony group against the Indian broadcaster. ZEEL had moved the National Company Law Tribunal seeking implementation of the proposed merger and later withdrew its plea.

“We hereby wish to inform you that the company has, on account of Culver Max’s and BEPL’s breaches under the MCA, terminated the MCA by issuing a letter dated May 23, 2024, and sought a termination fee from Culver Max and BEPL in accordance with the provisions of the MCA,” the filing said. ZEEL and SPNI had entered into an agreement to merge on December 22, 2021.

On August 10, 2023 the Mumbai Bench of NCLT approved the scheme of merger of ZEEL with Sony group entities Culver Max Entertainment and BEPL, which could have created a $10 billion media entity.

However, two years after that Sony Corporation announced the termination of the agreement on January 22, 2024.