Gaurav Banerjee has been appointed as the new CEO of Sony Pictures Networks India (SPNI), succeeding N.P. Singh, who recently decided to step down after over two decades with the company. Singh, a respected industry veteran, had progressed from the role of CFO in 1999 to CEO in 2014 and also served as SPNI’s chief operating officer during his tenure.
Banerjee, who has a background in journalism, started his career at Aaj Tak before moving to Star News in 2004 as a prime-time anchor and senior producer. In 2005, he played a key role in launching the Bengali news channel Star Ananda. Subsequently, he joined Star India, where he managed content for Hindi entertainment and Disney+ Hotstar. He also held the position of business head for Star Bharat, covering Hindi and English movies, kids and infotainment, and regional (East) content.
A Reuters report mentioned that Banerjee has resigned from his position at Disney India and is expected to join Sony in about two months. Neither Disney India nor Sony have provided immediate comments on this transition.
Banerjee’s move to Sony comes shortly after the company called off its proposed $10 billion merger with Zee Entertainment Enterprises Limited in January 2024. The merger, which was announced more than two years ago, fell through due to a stalemate over leadership and Zee’s failure to meet the closing conditions despite a month’s extension of the deadline. Sony, which operates 26 channels in India ranging from general entertainment to sports and movies, along with a streaming service, had intended for Singh to lead the merged entity.
Meanwhile, Disney is in the process of merging its media operations in India with Reliance Industries. Reliance has filed an application with the Competition Commission of India (CCI) for the merger of Viacom18 and Star India Pvt Ltd (SIPL), which is wholly owned by The Walt Disney Company. This merger will create an entity valued at ₹70,352 crore ($8.5 billion), encompassing interests in both TV and digital streaming. Post-merger, Reliance and Viacom18 will hold a 63.16% stake (16.34% by RIL and 46.82% by Viacom18), with the remaining shares held by Disney.
The significant consolidation moves within the Indian media industry reflect the intense competition and rapid evolution of the market, with major players like Sony and Disney repositioning to strengthen their footholds. Banerjee’s appointment as CEO of SPNI is a strategic decision aimed at steering the company through these changes and challenges.
Banerjee’s vast experience in content management and his leadership roles in various media segments are expected to be pivotal for SPNI’s future growth. His background as a journalist and a prime-time anchor adds a unique dimension to his leadership style, combining content expertise with executive management skills. His role in launching Star Ananda and leading the content strategy at Star India and Disney+ Hotstar has equipped him with deep insights into the Indian entertainment landscape.
As SPNI navigates the post-merger-cancellation phase, Banerjee’s leadership will be crucial in driving new strategies and consolidating the company’s market position. The cancellation of the merger with Zee, while a setback, opens up new avenues for SPNI to explore organic growth and possibly other strategic partnerships in the future.
Singh’s departure marks the end of an era at SPNI, but his contributions have left a lasting impact on the company. Under his leadership, SPNI expanded its channel portfolio and solidified its presence in the Indian entertainment market. His vision and strategic decisions have set a strong foundation for Banerjee to build upon.
Overall, Banerjee’s transition to CEO comes at a transformative time for both SPNI and the broader Indian media industry. With his extensive experience and strategic acumen, he is well-positioned to lead SPNI through its next phase of growth and innovation, ensuring the company remains a formidable player in the competitive media landscape.
