SPNI CEO N.P. Singh to Step Down Amid $90 Million Termination Fee Dispute with Zee Entertainment

 

Sony Pictures Networks India's managing director and CEO, N.P. Singh, announced on Friday that he will be stepping down from his role. However, he will continue in his position until a successor is appointed.

In his statement, Singh, who has been with Sony Pictures Networks India (SPNI) for 25 years, expressed that after a 44-year-long career, he is eager to shift his focus towards social change and transition from operational roles to advisory ones.

“I will continue to lead SPNI until we find the right person to take over. We have begun a structured succession planning process for my successor and hope to have exciting news to share in the near future. Finding the right fit is our top priority,” Singh stated.

Singh emphasized his unwavering commitment to SPNI and its success, saying, “During my time here, we have established industry benchmarks, expanded our reach, and achieved many noteworthy accomplishments.”

He further added, “I am dedicated to ensuring our legacy of success continues and grows under the new leadership.”

Sony Group Corp, SPNI's Japanese parent company, had initially proposed Singh to head the merged entity planned after a merger with Zee Entertainment Enterprises Ltd (Zee). However, this $10 billion deal was called off in January this year.

The merger, announced over two years ago, fell through due to disagreements on leadership of the merged entity and Zee’s failure to meet closing conditions despite an extended deadline.

Zee Seeks $90 Million

Zee Entertainment Enterprises is seeking a $90 million termination fee from the Sony group following the cancellation of their $10 billion merger deal in January.

According to a regulatory filing by Zee on Thursday, the company is demanding this fee from two Sony group entities—Sony Pictures Networks India (SPNI), now Culver Max Entertainment, and Bangla Entertainment (BEPL).

Citing breaches under the Merger Cooperation Agreement (MCA) by Culver Max and BEPL, Zee issued a termination letter on May 23, 2024.

“Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee, i.e., the aggregate amount equal to $90 million by the MCA,” the statement read.