The chairman of Sony Group Corp's India subsidiary has addressed a letter to its staff, promising them that the company will prosper despite its failed merger with Zee Entertainment Enterprises Ltd., but providing little details on how it plans to compete with local rivals who are consolidating.
According to a letter obtained by Bloomberg News on Wednesday, N. P. Singh, managing director and chief executive office of Sony Pictures Networks India, stated that the Japanese entertainment behemoth will shift its attention to content that can increase subscriber growth and revenue in the South Asian nation while actively exploring "inorganic possibilities to strengthen our market presence."
“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," Singh said, adding that the leadership was “committed to setting the company up for a long-term, strong future."
A spokesman from Sony in India declined to comment
In India's $25 billion media and entertainment market, Sony faces vulnerability after walking away from the Zee merger. Walt Disney Co. and Indian billionaire Mukesh Ambani's Reliance Industries Ltd. are also in talks to merge, creating a media behemoth with a stronger content lineup and pricing power.
Sony called off the two-year negotiations earlier this week due to a standoff with Zee about whether its CEO Punit Goenka should lead the merged firm. When Goenka and his father Subhash Chandra, who founded Zee, began to face financial irregularities, Sony began to take serious notice of him. Zee has been sued by the corporation for $90 million in damages, and arbitration has been started, the India media network stated in a statement on Monday.
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