No conversation with Sony after merger failure: Punit Goenka
In an interview with a media house, Punit Goenka, ZEEL's Managing Director, said several investors were keen in coming on board but the focus was on delivering value to the company shareholders
There has been no conversation with Sony after the merger fallout, Zee Entertainment Enterprises Ltd (ZEEL) Managing Director Punit Goenka has said in an interview to a media publication.
Asked why ZEE had moved NCLT, Punit Goenka said the media house had moved the application because the terms of the termination were incorrect.
Punit Goenka also said that a number of investors were interested in coming on board as a financial partner but the focus now was on ensuring that the company delivers value to its shareholders.
Sharing his views on the Disney-Viacom merger, the ZEEL MD said he believed that "it's better to fragment the market than get fragmented".
Goenka also reiterated in the interview that he had offered several proposals to Sony for the merger to work out but they were not accepted.
During the recent Q3 earnings call, he had said: “We have even approached the NCLT to seek direction on the implementation of the scheme. As a member of the founding family of ZEE and as a leader of this organisation, I certainly wanted the merger to be implemented. Zee even took several steps towards the closure of profitable businesses in the domestic and international markets. I personally offered several proposals to Sony to address their demands but unfortunately, they remained unaccepted. Since the matter is sub judice, I would not like to say more and let the law take its own course."
