Sony Pictures Networks India announced on May 24 that Managing Director and CEO NP Singh has decided to step down from the position after 25 years.
“Today, I have a significant update to share. After nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO,” Singh said in a statement, adding that that he will now focus on social change and shift from operational roles to advisory ones.
“However, my commitment to SPNI and its success remains strong. During my time here, we have established industry benchmarks, expanded our reach, and achieved many noteworthy accomplishments. I am dedicated to ensuring our legacy of success continues and grows under the new leadership,” he said.
Sony announced that Mr. Singh will remain with the company. He will move into an advisory role and will seek a replacement.
Alumini of Delhi School of Economics
Mr. NP Singh was promoted to CFO of Sony India in 1999 and became CEO in 2019. A graduate from Delhi School of Economics, he also served as the company’s chief operating officer (COO).
He also said that his commitment to Sony and its success remains strong.
“During my time here, we have set industry benchmarks, expanded our reach and achieved many notable achievements. I am confident that our success story will continue under new leadership.”
He also urged employees to avoid speculation and rely only on official updates.
“We are committed to sharing timely and transparent information through established channels and will communicate final updates directly to you,” he wrote.
An alumnus of Delhi School of Economics, from which he completed his master’s degree, NP holds a bachelor’s degree in commerce from Delhi University. He also held a certificate from the Indian Institute of Cost Accountants.
10 Billion Merger with ZEEL
Sony Pictures Networks India, now known as Culver Max Entertainment Pvt. Ltd. and his company Bangla Entertainment Pvt. GmbH. (BEPL) has been in the news for quite some time ever since it scrapped a $10 billion merger deal with Zee Entertainment Enterprises Limited (ZEEL) in January this year.
Subsequently, several legal proceedings were undertaken between the two companies to resolve the differences.
On May 23, Zee demanded a $90 million (Rs. 750 million) termination fee from Sony to cancel the merger.
Sony Group Co., Ltd. has initiated arbitration proceedings with the Singapore International Arbitration Center (SIAC) for ZEEL’s failure to comply with the terms of the merger and that he has been awarded $90 million (approximately Rs. 748.5 billion) in termination fees.
He announced that he had requested it. After the close, shares of ZEE were trading at Rs 151.80 per share, up 2.2% on the BSE on May 23.
The $10B merger would have brought together the two companies’ linear TV networks, digital assets including streamers SonyLIV and ZEE5 Global, production operations and program libraries. Sony was planning on a cash injection and would have had a majority share stake of close to 51%.
In the meantime, Disney and Reliance are moving ahead with their plan to form a joint media operation in India, with Reliance already consolidating the shares it didn’t already own in Viacom18 ahead of the new operation’s formation.
Comments 1