No layoffs, Zee CEO tells staff after Sony merger collapse

Following the sudden demise of the $10-billion merger with Sony, Zee Entertainment CEO Punit Goenka addressed employees in a morale-boosting speech punctuated by a resounding "Jai Shree Ram." 

Acknowledging the disappointment, Goenka emphasized the need to "move on as a team, more importantly as a family."

"The intrinsic value and fundamentals of Zee remain unmatched," he declared, urging employees to "remain laser-focused on the business." 

Looking to the future, Goenka assured the team that Zee's DNA is rooted in moving forward, not dwelling on the past. He dismissed rumours and speculations, highlighting the company's ongoing discussions with other potential partners, even mentioning reports of interest from the Adani Group.

On the sensitive topic of potential layoffs, Goenka provided reassurance, stating that while increments and bonuses will be performance-based, there will be no job cuts due to the merger's collapse. 

He further bolstered employee confidence by stressing Zee's financial stability. "We are an asset that a lot of global brands keep looking at," he said, acknowledging the company's appeal despite the merger's demise. "The merger has taken away a lot of capital, but we are still a cash-positive company with significant reserves."

Goenka's speech aimed to rekindle the Zee spirit and refocus the company on its core strengths. By rallying behind the "family" metaphor and emphasizing Zee's resilience and value proposition, he attempted to instill optimism and pave the way for a future beyond the Sony merger. While challenges undoubtedly lie ahead, Goenka's message sent a clear signal: Zee remains committed to its employees, its business, and its future success.