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regular-article-logo Sunday, 23 June 2024

Sony Pictures Networks India managing director and CEO to step down

In a statement, Singh who has had a 25-year tenure at Sony Pictures Networks India (SPNI), said after nearly 44 years in his career, he is 'ready to focus on social change and shift from operational roles to advisory ones'

PTI New Delhi Published 25.05.24, 08:48 AM
N.P. Singh

N.P. Singh The Telegraph

Sony Pictures Networks India managing director and CEO N.P. Singh on Friday said he has decided to move on but will continue to be in his current role till a successor is found.

In a statement, Singh who has had a 25-year tenure at Sony Pictures Networks India (SPNI), said after nearly 44 years in his career, he is “ready to focus on social change and shift from operational roles to advisory ones”.

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“I will continue to lead SPNI until we find the right person to take over. We have begun a structured succession planning process for my successor and hope to have exciting news to share in the near future. Finding the right fit is our top priority,” Singh added.

Reiterating that his commitment to SPNI and its success remain strong, Singh said, “During my time here, we have established industry benchmarks, expanded our reach and achieved many noteworthy accomplishments.”

He further said, “I am dedicated to ensuring our legacy of success continues and grows under the new leadership.”

Sony Group Corp, the Japanese parent of SPNI, had pushed for Singh to lead the merged entity proposed to be formed after amalgamation with Zee Entertainment Enterprises Ltd (Zee) 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 would lead the merged entity and also due to failure to meet closing conditions by Zee despite a month’s extension of deadline.

Zee seeks $90m

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 Ltd (Zee) on Thursday.

Zee has, on account of Culver Max’s and BEPL’s breaches under the Merger Cooperation agreement (MCA) between the parties, terminated the agreement by issuing a letter dated May 23, 2024.

“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 by the MCA,” it said.

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