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.
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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.
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“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
