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Punit Goenka addresses Zee employees; ensures no layoffs due to failed merger
Punit Goenka started his address about the failed Zee-Sony merger to employees with "Jai Shree Ram". He also mentioned the Adani rumours.
The proposed issue, if approved, would shoot up the promoter group’s shareholding from a modest 3.99% to a commanding 18.39%.
In a 3 pm address today, Punit Goenka, MD and CEO of Zee Entertainment Enterprises, spoke to Zee employees following the termination of the $10 billion merger with Sony. Starting the speech with ‘Jai Shree Ram,’ Goenka emphasized the need for the team to move forward.
“It is time to move on as a team, more importantly as a family.The intrinsic value and fundamentals of Zee remain unmatched,” he said.
Goenka urged employees to remain laser focused on the business.
“At ZEE, we never believe in looking behind,” he said,
He also dismissed rumours and emphasised on the company's forward-looking approach referring to Adani’s being interested in Zee.
Goenka also assured there would be no layoffs due to the failed merger, and increments and bonuses would be performance-based.
“We are an asset that a lot of global brands keep looking at,” Goenka said.
“The merger has taken away a lot of capital but we are still a cash positive company and we have significant cash reserves,” he added.
Read More: ZEE’s Punit Goenka: Sony ran out of patience
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