afaqs! news bureau

Sony-Zee merger expected to be finalised by September this year: Sony CEO

Kenichiro Yoshida, CEO of Sony Corporation, made the announcement during an annual meeting.

Sony Corp CEO Kenichiro Yoshida at an annual meeting announced that the much-anticipated merger of two of India’s biggest broadcasting conglomerates Zee and Sony will be most likely completed in September this year.

According to Yoshida, the Sony and ZEEL combination will most likely happen "by the end of this fiscal year." The huge population and creative talent of India, he continued, position the media and entertainment sector for rapid growth.

The CEO of Sony Corp. described India as a "creative country," adding that there are numerous chances for expansion there, particularly in the entertainment sector. Since 2005, it has also established a reputation as the top film maker.

He also emphasised the youth of India, who make up 50% of the population and are under the age of 30. Therefore, he continued, there is a lot of room for growth in India for genres like anime and gaming.

Sony's president, chief operating officer, and chief financial officer, Hiroki Totoki, added that while electronics were initially the company's primary focus when it began its India adventure 25 years ago, entertainment offers a bigger potential in India.

N P Singh, the managing director and CEO of SPNI, spoke at the gathering and emphasised the expansion of the Sony group's operations in India as well as growth potential.

"In 2021, we announced the signing of a deal to combine ZED and SPNI, which, following closure, will allow us to increase the production of Kando content and improve our ties with various communities in India. Regulatory permissions must be obtained before the acquisition can close, he said.

In order to give Indian artists and producers the opportunity to cooperate and build international connections, the company is also collaborating with Sony Music India and together they founded Sony Entertainment Talent Ventures India in 2022.

Have news to share? Write to us