Motivational public speaker Brian Tracy has said: "Become the kind of a leader that people would follow voluntarily, even if you had no title or position." Punit Goenka certainly fits that mould.
Yesterday's development of SAT allowing Goenka to be reinstated as MD and CEO of ZEE is good, not only for the company or the merger with Sony, but also for the industry at large, as it thrives on competition and strong leadership. It also paves the way for the completion of the merger, and for Goenka to be appointed the MD and CEO of the merged entity.
The Sony-Zee combined entity needs a leader like Punit Goenka who understands India culturally, has a skin in the game, has content acquisition expertise and has had a long proven management expertise. Goenka’s age is also an advantage, being a leader who is less than 50 years in age.
Goenka has the relevant experience and even in this period of ambiguity, he has maintained equanimity and composure – the hallmarks of leadership.
Goenka has been the MD & CEO of ZEE Entertainment Enterprises Ltd. since 2010. He has several successes to his credit. He is amongst the few industry professionals with vast experience, sound knowledge and unmatched capabilities in leading the operations of a large media & entertainment company.
He is well-known for making ZEE synonymous with entertainment today, not only in India but also in 190 countries across the globe. With the confidence of India Inc, shareholders, employees, advertisers and content creators by his side, Goenka, at just 48, has the required business acumen to lead the proposed combination of ZEE and Sony towards a bright future.
He has a lot going for him and the new merged entity could benefit from his experience, acumen, drive and domain knowledge.
Below are some factors that set Goenka apart in this scenario.
- With a vast experience of over 20 years in the media & entertainment industry, Goenka is one of the most proficient business leaders in the industry and has a sharp business acumen. He has identified trends and steered ZEE successfully as a media and entertainment powerhouse for over three decades.
- At just 48, he is amongst the youngest and most prolific leaders with several achievements to his name. With a sound understanding of audiences’ preferences, Goenka has led ZEE’s expansion in the regional markets, in the revival of the studios’ business, the launch of India’s 2nd largest music label and more.
- He plays an active role in shaping the future of the entertainment landscape, in diverse capacities. Presently, he serves as a Board of Director for the Indian Broadcasting & Digital Foundation (IBDF). In the past, he has served as the Chairman of the TV measurement body BARC India, being a key part of its founding team; Chairman of IBDF and leading key conversations with policymakers; and President of the International Advertising Association’s (IAA) India Chapter. He has addressed key industry-level interests and launched several intellectual properties catering to the advertising and marketing fraternity. In many of these roles, he was unanimously re-elected for a second term by the members.
- Punit Goenka has been extremely successful in enhancing ZEE’s performance over the years by identifying the right opportunities to scale and build a well-diversified portfolio. His futuristic vision has led the company to a global stature today, with ZEE having an international presence across 190+ countries, and its reach to over 1.3 billion viewers.
- As the leader of the largest publicly listed M&E company in India, Punit Goenka has a sound understanding of the overall legal and regulatory environment; and has continued to harbor a sharp focus on value-creation for all the shareholders of the Company.
- Punit is leading 50 domestic channels, 36 international channels, 1 OTT platform, 1 movie studio and 1 music label. This experience of managing profitability and beating industry margins quarter on quarter will enable him to translate the success witnessed by ZEE, to the merged entity as well, which is expected to be a M&E behemoth.
- With an unflappable style of functioning and an optimistic mindset, Goenka has the ability to withstand adverse situations and has taken on challenges with determination. For instance, when TRAI implemented the New Tariff Order, leading to uncertainty for businesses, he played an active role in leading conversations with partners, and other key stakeholders to find solutions that drive the growth of the pay TV ecosystem.
- He also has a deep knowledge and understanding both about technology and content, which is the most essential skill set to have in today’s evolving entertainment landscape.
- Goenka not only enjoys overwhelming confidence and support from the shareholders and investors of the company, but he has also developed strong industry relations as well, with his ability to keep the interests of all the stakeholders at the forefront of his business decisions.
- Coming from an entrepreneurial background, he has encouraged and instilled strong values and an entrepreneurial spirit in ZEE that has enabled talent to grow and thrive under his leadership. Under his guidance, ZEE is today known as an Academy of Talent, having nurtured several industry stalwarts to their heydays.
- He continues to attract the best talent to the company, not just from the M&E industry, but even from other sectors, including FMCG and banking. With the M&E industry increasingly facing a dearth of quality talent, for an organization with the scale of Zee, drawing in the right talent at the right time is a key factor in ensuring stability and growth.
- He has never shied away from making tough decisions, whenever necessary, for the profitability of the business and the overall interests of all stakeholders. This included exiting sports broadcasting when the economics of the segment did not make sound business sense. He also marked a robust re-entry into the sports business recently, identifying the improving monetisation opportunities in the segment.
Continuity of leadership also helps in steadying the ship and helps it take the right leaps.