'As we close chapter on ZEE': Sony's NP Singh on what next for firm in India post breakup

Sony Group Corporation-owned Culver Max Entertainment said it will purse  "organic and inorganic possibilities" to boost its presence in India post the collapse of the $10 billion merger deal with Zee. 

CEO NP Singh said the "change in plans" will help the group pivot to the next phase of India story. 

Sony and Zee Entertainment Enterprises officially called off the planned media merger after two years of drama and delay, abandoning their effort to create an entertainment giant in Asia’s biggest streaming market. The Japanese company sent a termination letter to Zee on Monday for failing to meet merger agreement conditions and is reportedly seeking $90 million in break-up fees, with the Mumbai-based Zee “categorically” denying that it had breached the pact. 

Singh, according to an ET report said, the group was "committed to setting the company up for a long-term, strong future", urging Sony employees to continue entertaining audiences by executing current projects through teamwork.

Stressing on an ever-changing M&E world, Singh said the group's strategy is to lead the change, expressing confidence in the Sony India team's ability to overcome future challenges and achieve its growth objectives.

The deal collapse, fell apart due to a stalemate over whether Zee’s Chief Executive Officer Punit Goenka would lead the merged entity amid an investigation by SEBI. With neither side willing to blink, both Sony and Zee now have to redraw their plans for the world’s most-populous country.