New Delhi: Sony Pictures Network India MD and CEO NP Singh stepped down from his post pending the naming of a suitable replacement. The Sony Pictures India veteran has been with the comoany for 25 years, and has been in the media business for 44 years. Singh’s tenure will be known for the inking of a deal to take over homegrown media company Zee Entertainment and which did not go through owing to differences over leadership post-merger. In an internal letter to employees, Singh added that he planned to switch to an advisory role and focus on social change.
Singh started his career with Hindustan Copper in 1981 moved to Modi Xeroc in 1988. In 1999, he moved to Sony Entertainment’s subsidiary Multi Screen Media. He holds a master’s degree in commerce. In his letter to staff, Singh wrote that the company established industry benchmarks and achieved noteworthy accomplishments during his tenure. Sony has started a structured succession planning process, he said, adding that a right fit was the top priority.
Doomed ZEE-Sony merger
Singh also oversaw the process of execution of the merger of ZEEL with Sony Pictures Network India. However, the deal soured after the ZEEL leadership did not agree to accept Singh’s candidature as MD of the merged entity. ZEEL’s chairman Punit Goenka’s candidature for MD of the merged entity was also reportedly not acceptable to Sony India.
The deal was called off by Sony a month after the deadline, citing non-compliance with merger conditions by ZEEL. Sony Corp also moved the Singapore International Arbitration Centre seeking $90 million as damages for deal failure. ZEEL sought a $90 million deal termination fee from Sony on May 23, 2024. The deal was called off by Sony on January 22, 2024. In the aftermath of the deal failure, ZEE decided to shore up operations and cut jobs in a bid to save costs. ZEEL reported a Q4FY24 net profit of Rs 13.35 crore compared to a Rs 196 crore loss incurred in the year ago period.
Sony Pictures Network India CEO N P Singh has stepped down from his duties and will continue in his role until a suitable replacement is found. Singh’s career missed the crowning glory of acquiring ZEE Ltd for Sony to create one of the largest media companies in India. Companies Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
