Zee-Sony merger should go through irrespective of me being the CEO: Punit Goenka tells media

The ZEE promoter expressed optimism that the merger would be finalized by September.

A day after Sony Pictures Network (SPN) issued a statement saying that that it takes the Securities and Exchange Board of India's (SEBI) interim order against Zee Entertainment Enterprises (ZEE) promoters very seriously, Punit Goenka, the CEO & MD of ZEE, stated that his regular interactions with Sony did not suggest any hesitation on their part.

In an interview with ET, he said that the ZEE-Sony merger will proceed regardless of his position as the CEO of the combined company as the merger would be advantageous for 96% of stakeholders. Moreover, the merger is expected to bring in over $1.5 billion of foreign direct investment (FDI) into the country. 

The ZEE promoter expressed optimism that the merger would be finalized by September, as indicated by Sony in a recent statement. However, the current contractual drop-off date is December 20, 2023.

"It has been 18 months since the merger announcement and it is uncommon for mergers in this country to take this long," he said.

Speaking about synergies, he said that since there is minimal overlap in viewership between the two networks, it allows for effective monetisation strategies. Additionally, it will capitalise on cost synergies.