A few days after calling off the $10 billion merger deal with Zee Entertainment, Sony Picture Network India (SPNI) told its employees that the management is committed to long-term growth in the country and will actively explore new organic and inorganic possibilities to strengthen its presence in India.
In a letter to the employees, managing director and CEO of SPNI, N.P. Singh, said this change in plan allows the company "to step into a new phase of our story" which he believes is full of promise.
Calling the journey towards the merger "remarkable", he said it showed how resilient and dedicated can the company be when it comes to working towards a common goal.
He said the company will "actively explore new organic and inorganic possibilities to strengthen our market presence," and added that the management is "committed to setting the company up for a long-term, strong future."
"Let's turn our attention back to the heart of our work – our current projects, our fantastic team, and the audiences who count on us. Our immediate focus will be back on unleashing our full potential, continuing to craft content that not only engages our audience but also boosts subscriber growth and revenues, thereby nurturing a culture rooted in excellence, pivotal for our ongoing growth and success," the letter read.
He observed that the company is at its "best when innovating and pushing the boundaries of what we can achieve."
Singh thanked the employees for their "unwavering commitment and resilience."
"Let us enter this next phase confidently and optimistically. We have a world of opportunities waiting for us, and I am excited to embark on this journey with you all," the letter read.
On Monday, Sony Group Corp announced the termination of the merger agreement with Zee Entertainment, and sought $90 million for breach of conditions besides initiating arbitration. The company had said Zee Entertainment Enterprises Ltd did not satisfy the merger conditions despite engaging in discussions to extend the end date for consummation of the transaction.