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The Bankruptcy Court in Mumbai recently dismissed an application filed by Phantom Studios India (PSIPL) that sought to implement the merger scheme between Zee Entertainment Enterprises Limited (ZEEL) and Sony Group companies, Bangla Entertainment Private (BEPL) and Culver Max Entertainment (CMEPL).

PSIPL, formerly known as Mad Man Film Ventures, held approximately 1.3 million shares of Zee Entertainment, valued at around ₹50 crore, at the time of its tribunal filing. Last month, the tribunal officially revoked its approval for the proposed $10 billion merger between ZEEL and Sony's Indian media units, CMEPL and BEPL.

"During the course of the hearing, we were informed that PSIPL attended the shareholder meeting and voted in favor of the scheme. As Section V, Paragraph 10 allows withdrawal by parties, PSIPL cannot insist on the scheme’s implementation," stated the division bench, consisting of Judicial Member Lakshmi Gurung and Technical Member Charanjeet Singh Gulati, in its October 24 order.

The companies also argued that the tribunal lacked the authority to enforce a scheme that had not taken effect and noted that the scheme's approval was conditional.

In August, ZEEL and Sony's Indian units reached a non-cash settlement to resolve all disputes stemming from their failed merger. Both companies agreed to withdraw claims in the ongoing arbitration at the Singapore International Arbitration Centre and related proceedings in the NCLT.

This settlement, focused on independently pursuing future growth, followed Sony’s January termination of the merger, citing ZEEL's unmet closing conditions and leadership disagreements. Sony subsequently filed a $90 million arbitration claim against ZEEL.

Mumbai Court dismisses Phantom Studios’ bid to enforce Zee-Sony merger scheme

On Tuesday, Sony Pictures Networks India (SPNI) announced three significant leadership changes, Nachiket Pantvaidya, an industry veteran with a rich and diverse career spanning multiple leading media companies, is now taking over as the Business Head of Sony Entertainment Television (SET). 

This marks his third stint with SPNI. While he joins SET, he will also continue to manage his role as General Manager at Sony Pictures International Productions (SPIP). In his previous roles, at SPNI which included managing P&L for SET, developing iconic franchises, and boosting advertising and distribution revenues. His broader role will enable him to leverage his extensive expertise to deliver exceptional entertainment experiences across both platforms.

Ajay Bhalwankar, who has been with SPNI since 2014, currently heads its Marathi channel. He previously served as the chief creative director for SPNI's flagship General Entertainment Channel, Sony Entertainment Television (SET). Under his leadership, Sony Marathi has seen significant growth, delivering high-quality, engaging content that resonates with Marathi audiences.

Ajay's strategic vision has enabled Sony Marathi to carve a niche in the crowded Marathi GEC market. His emphasis on progressive and relatable content has helped the channel capture a 9% market share. Moving forward, Ajay will additionally spearhead Sony SAB as its business head. With his experience and creative acumen, Ajay is well-positioned to bring fresh and engaging content to Sony SAB's diverse audience, further strengthening the channel's reputation for quality entertainment.

Tushar Shah is the Business Head of English, Bengali, and Infotainment Channels and the Chief Marketing Officer (CMO) at Sony Pictures Networks India (SPNI). He oversees prominent channels such as Sony PIX, Sony AATH, and Sony BBC Earth. With nearly 18 years of experience across two tenures at SPNI, Tushar has driven significant growth and profitability and enhanced viewership. His strategic leadership has also been crucial in the successful reach and expansion of Sony AATH in West Bengal. Going forward, Tushar will additionally oversee Sony MAX, Sony MAX HD, Sony MAX 2, Sony WAH and Sony PAL. His expertise will fuel further innovation across these channels, enhancing their market presence.


SPNI appoints Nachiket Pantvaidya for SET, promotes Ajay Bhalwankar and Tushar Shah

In an internal newsletter summarising the past fiscal year, which included the implosion of the mega Zee-Sony merger, Sony Pictures Networks CEO NP Singh highlighted the company's resilience and teamwork in FY24.

"Tackling challenges head-on made us even stronger, thanks to our solid commitment to leadership and core values. The experiences and lessons from FY24 are stepping stones for what lies ahead," said Singh in the newsletter accessed by Storyboard18.

Singh also mentioned gearing up for a challenging FY 2025.

“Our goal is sharp: to captivate audiences and boost our subscriber base and revenue through impactful content,” he said.

"We're channelling investments into new shows, including those on Sony LIV. Our strategy emphasises driving organic growth and amping our market presence through strategic partnerships," he added.

The communication also covered achievements of the team including Project Magenta that was led by the company’s Broadcast Operations and Network Engineering team, shifting their playout and uplink from Singapore to Mumbai.

The newsletter also has a word from Ravi Ahuja, chairman, Global Television Studios, President and COO
Sony Pictures Entertainment.

"Our goal is to deepen and expand our presence in India, aiming for significant growth in the coming years", said Ahuja.

"At SPE, while we are not the biggest media company, our clear strategy and focused execution have allowed us to grow in a challenging business environment. Similarly, in India, a competitive and ever-evolving market, the clarity of our focus will let us excel and make an impact", he said in the mailer.

Among other plans, the newsletter also mentions starting a Pulse Survey on multiple platforms and having a Nukkad meet-up soon.


Sony to focus on organic growth, amping market presence through strategic partnerships in FY25: NP Singh

The Cricket Bat Manufacturers Association of Kashmir (CBMAK) has taken legal action against Sony Pictures Networks and Tramboo Sports Pvt. Ltd.

A cricket bat manufacturing start-up Tramboo Sports Pvt. Ltd pitched their company on Sony’s business reality show Tank India' sparking controversy within Kashmir's bat manufacturing industry. The start-up claimed to be the exclusive manufacturers of Kashmir willow cricket bats. This according to the association is inaccurate and misleading.

According to reports, this claim has also caused loss of business and reputation amongst the cricket bat manufacturing community in Kashmir.

According to reports, CBMAK has sued both the channel and the company and demanded a compensation of Rs100 crore alongside an on-air apology within 15 days.

The episode featuring two young Kashmiri entrepreneurs, Saad and Hamad was aired on January 30, 2024.

“We content that Tramboo Sports’ false claims have caused a significant disruption in the sales and supply of CBMAK members’ bats. The assertions have also misled the public and buyers harming the image of the indigenous industry,” Indian Express reports quoted the association.


Kashmir bat manufacturers' body sue Sony and Tramboo Sports over false claims made on Shark Tank India

Keep up with all the key people movements in the brand marketing ecosystem in Storyboard18’s CXO Moves. Here’s a round-up of the executives who are in, out, and in-between in the past two weeks.

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Devika Bulchandani

Previous: President, McCann

Present: Global Chief Executive Officer, Ogilvy

Advertising agency Ogilvy has appointed Devika Bulchandani as the global chief executive officer, succeeding former Deloitte hand Andy Main who joined Ogilvy in 2020. In her new role, Bulchandani will be responsible for all aspects of the creative network’s business across 131 offices in 93 countries which would span across its advertising, public relations, experience, consulting, and health units. As she takes on her new role, she will also join WPP’s executive committee. Bulchandani had spent 26 years at McCann in various leadership roles which also includes being the president of McCann North America. With Bulchandani leading Ogilvy, she joins the long list of Indian-origin leaders at the helm of multinational conglomerates as chief executive officers. The list includes Chanel’s Leena Nair, Twitter’s Parag Agarwal and Google’s Sundar Pichai. At the recently held APAC Effie Awards 2022, Ogilvy Mumbai was named as the Agency of the Year. 

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Wendy Clark 

Previous: CEO, Dentsu International 

Dentsu International’s CEO Wendy Clark has stepped down. Clark took charge of the Japanese-owned advertising network on 1 September 2020. Prior to that, she was the global chief executive of DDB, the Omnicom-owned creative agency. Wendy is regarded as the most respected female agency leader in the global advertising circuit. She was previously a marketer at Coca-Cola. At Cannes Lions this year, Clark made an official announcement on the creation of Dentsu Creative as the company’s lead creative agency network and her vision to set up “One Dentsu” strategy that will bring Dentsu Japan and Dentsu International’s businesses closer. Under her leadership, Dentsu Creative Bengaluru went on to win Ad Agency of the Year at Cannes Lions 2022 – the first time a Dentsu agency won the prestigious award. Dentsu is the world’s fifth largest agency group with about 65,000 staff. The international business outside Japan employs around 45,000 people. Under Clark’s leadership, the network also went through an accelerated ‘transformation’. This massively hit Dentsu International’s operations globally and in India. A series of leadership changes, consolidations and dissolutions of agency brands has been happening, especially in India, over the past year and a half.

Hiroshi Igarashi, who is chief executive and president of Dentsu Group Inc, heading the two subsidiaries - Dentsu International and Dentsu Japan, will take direct control of the company. 

Sameer Khetarpal

Previous: Director - Grocery, Food and Health, Amazon

Present: Chief Executive Officer & Managing Director, Jubilant FoodWorks

Sameer Khetarpal has been appointed by Jubilant FoodWorks, a food service company, as the chief executive officer and managing director. Khetarpal has 25 years of experience and has worked across Unilever, Genpact, and McKinsey and Company. 

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Radhika Burman

Previous: Vice President, Strategy, BBH India

Present: Vice President & Head, BBH India

BBH India, a Publicis Groupe agency, announced the promotion of Radhika Burman to the position of vice president, and head of the agency’s Delhi branch. In her new role, Burman will be responsible for current clients, people and new business performance in Delhi, along with driving strategic thinking across clients. Burman, who has an experience of more than a decade, has worked across Dentsu, JWT, FCB Global, and Platinum Guild International. In her last role, as the manager – strategy and consumer insights at Platinum Guild International, she spearheaded the launch of Men of Platinum, men's platinum jewellery brand and Platinum Evara, a bridal jewellery line. Prior to that, she has led strategic thinking on brands like Zee, PepsiCo, Hero, Mahindra, Microsoft and Cargill, among others.

In July, George Sebastian had joined the agency as the executive creative director. In April, Arvind Krishnan, who was BBH India’s managing director, decided to move on to be the chief executive officer and founder of Manja, a company he set up with Prajato Guha, former national creative director at Leo Burnett India.

Nitin Sharma

Previous: Vice President - Business, Infectious Advertising 

Present: Senior Vice President & Head of Client Services, Publicis Worldwide India

Publicis Worldwide India has appointed Nitin Sharma as the senior vice president and head of client services. In his new role, Sharma would manage some of the agency's key brands while accelerating Publicis Worldwide’s upward growth and ambitions in the marketplace. Sharma has more than two decades of experience and has worked across Ambience, Ogilvy & Mather, Leo Burnett, and UAE Exchange. He was also a brand and marketing consultant for two years and one month. Recently, Publicis Worldwide India appointed Oindrila Roy as the managing director. 

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Saugata Mukherjee

Previous: Head Of Content, India - HBO Max, Warner Bros. Discovery

Present: Head of Content, Sony LIV

Streaming platform Sony LIV has appointed Saugata Mukherjee as the head of content. In his role, he will lead the content division for the digital businesses of Sony. Mukherjee, who has more than two decades of experience, has held leadership roles across digital media which is OTT, broadcast television and publishing. His key focus is on business strategy and planning, content creation and curation. Mukherjee has worked across HarperCollins Publishers, Rupa Publications India, NIIT, Star TV Network, Hotstar, Sony Pictures Networks India (SPNI) and HBO Max. 

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Narayan Devanathan

Previous: Chief Client Officer, Dentsu International

Present: Chief Strategy and Communication Officer, National Foundation for India

Narayan Devanathan has joined National Foundation for India, a non-profit organisation as the chief strategy and communication officer. Devanathan, who had more than two decades of experience, had a 11 year stint at Dentsu International. He started his career with RK Swamy BBDO as a copywriter, and he worked across Vyapthi Communications, Admerasia, Ogilvy & Mather, Euro RSCG, Dentsu Marcom, Dentsu India Group and Dentsu Creative Impact Group. 

Ritu Nakra

Previous: WPP India Lead & Senior Vice President - Pepsico Foods, WPP

Present: General Manager, Landor & Fitch

Design agency Landor & Fitch has appointed Ritu Nakra as the general manager. Her responsibility is to bolster business growth and develop strategic partnership with clients in Delhi. Nakra, who has more than two decades of experience has worked across Wunderman Thompson, Fullerton India Credit Company Ltd, and Grey Group. Nakra is experienced in managing P&L, building, driving growth and revenue for businesses across categories.

Nikhil Madhok

Previous: Executive Vice President, Disney+ Hotstar

Present: Head of Hindi Original Content, Amazon Prime Video

As per reports, Nikhil Madhok will be joining Amazon Prime Video as the head of Hindi original content. While at Disney+ Hotstar, he was responsible for the entire slate of Specials from content strategy, ideation, curation, script development, production and launch. Madhok, who has two decades of experience, started his career with Unilever as an area sales manager. He rose up the ranks to be the global marketing manager. He has since then worked across Turner, Discovery Inc, and Star TV Network. 

Ahmed Rahimtoola

Previous: Head of Marketing, Allied Blenders & Distillers Pvt. Ltd.

Present: Chief Marketing Officer, Tilaknagar Industries Ltd.

Beverage company Tilaknagar Industries Ltd. has appointed Ahmed Rahimtoola as the chief marketing officer.In his new role, Rahimtoola will be responsible for leading the entire marketing function, and spearheading consumer marketing in order to strengthen the company’s regional presence,aid expansion and drive the growth of its brands across geographies. Rahimtoola has an experience of 25 years, and has worked across Triton Communications, United Breweries Ltd, and Reliance ADAG. Recently, Tilaknagar Industries launched the Mansion House Reserve French Style Brandy, the premium variant of its flagship brand Mansion House. This launch is a part of expanding the liquor major’s premium brand portfolio. 

Meenakshi Menon

Present: Chairperson, icogz

Business intelligence platform icogz has appointed Meenakshi Menon as the chairperson. Menon has more than four decades of experience and has worked across Lintas India, Zee TV Sales & Marketing Company, Carat India and Carat APAC etc. She is also the founder and chairperson of Spatial Access Pvt Ltd, and the co-founder of WayBeyond Media Pvt. Ltd.

Sujay K Rachh

Previous: Executive Director, Leo Burnett

Present: Head of Marketing, Edelweiss Wealth Management

Financial services company Edelweiss Wealth Management appointed Sujay K Rachh as the head of marketing. In his new role, Rachh will direct the financial major’s strategic marketing activities for business growth. As a part of the executive leadership team, Rachh will also be responsible for overseeing the execution of the company’s marketing strategy. Rachh has more than a decade’s experience and has worked across Concept Communication, Swamy BBDO, Lowe Lintas and Partners and Brand Capital. His specialties range across advertising, business development, concept development, customer relations, marketing management to strategic and television. Recently, Amit Nandwani who was the executive creative director and head of content at Leo Burnett India resigned from his position. And, in July, the agency bagged the creative mandate of PepsiCo India. 

Ashutosh Chaudharie

Previous: Marketing Manager, Pernod Ricard

Present: General Manager Marketing, Vi-John Group

Ashutosh Chaudharie has been appointed as the general manager of the marketing division by Vi-John Group, a men's grooming personal care brand. Chaudharie, who has more than 15 years of experience, has worked across Tata Motors, IMS Learning Resources, Henkel, Dabur India Limited etc. He has also worked as a marketing and content consultant.

Sandeep Negi

Previous: Regional Sales Head - South & East, VEVE

Present: Associate Director of Sales, AVOW

App growth marketing company AVOW has appointed Sandeep Negi as the associate director of sales. His role would be to lead all of AVOW’s business development initiatives in the country as part of the company’s domestic expansion plans while positioning AVOW as a well-known name in the mobile original equipment manufacturer (OEM) marketing ecosystem in the region.

Negi has more than a decade’s experience and has worked across Myntra, Radio Mirchi, Bennett Coleman and Co. Ltd., 9X Media Pvt. Ltd, Star TV Network and Zapr Media Labs. 

Compiled by Kashmeera Sambamurthy

CXO Moves: Ogilvy, Dentsu, Publicis, Sony Liv, Prime, Edelweiss, Jubilant and more

In a rare development, arch rivals in the broadcast industry -- Zee Entertainment Enterprises (Zee) and Disney Star – have forged a strategic licensing agreement this week.

As per the agreement, Disney Star will license the TV broadcasting rights of the International Cricket Council (ICC) Men’s and under-19 global events for a four-year period to Zee for an undisclosed amount. Disney Star will continue to have exclusive digital rights for its digital platform (Disney+ Hotstar). Zee will make staggered annual payments from CY24 onwards.

Disney Star had won the rights to telecast the ICC tournaments till 2027 for $3 billion after a closed-loop bid process last week.

That deal included both digital and television rights for men's and women's ICC tournaments. It was a big plus for Disney Star, which had lost the digital rights of the Indian Premier League (IPL) for the 2023-27 cycle to Viacom18 in June.

The agreement with Disney Star enables Zee to be the exclusive television rights holder of ICC men’s events, including the coveted ICC Men’s T20 World Cup (2024, 2026), ICC Men’s Champions Trophy (2025), and the ICC Men’s Cricket World Cup (2027), along with key ICC U-19 events.

What do they gain?

Industry analysts believe this deal will help Zee to up its sports content, attracting more ad and channel subscriptions. Disney Star will mitigate its concentration risk in one market when it comes to TV rights and continue to ride the digital wave.

Sandeep Goyal, managing director, Rediffusion, believes that it almost seems like a pre-mediated deal.

“The understanding could not have been reached overnight. In a way, it’s good for both. Disney Star can now concentrate on the selling of IPL, while Zee can put its fullest might behind the ICC offering. The arrangement is a bit unusual but cooperation is the new norm across industries,” he notes.

The deal comes in at an opportune time for Zee as it awaits the merger with Sony.

Will it generate profits?

“If they (Zee) didn’t have this deal, they would have lost an opportunity to own any major India cricket event rights till 2027,” says Naval Seth, Deputy Head of Research at Emkay Global Financial Services. Seth’s analysis says the expensive value of rights such as these often do not end up bringing in any profit.



<blockquote>“The understanding could not have been reached overnight. In a way, it’s good for both. Disney Star can now concentrate on the selling of IPL, while Zee can put its fullest might behind the ICC offering. The arrangement is a bit unusual but cooperation is the new norm across industries,” says Sandeep Goyal</blockquote>



“The prices for these rights (IPL and ICC India cricket events) have gone through the roof and recovering them would become increasingly difficult for the networks. That explains why Star, which has been dominating the India cricket broadcast space, decided to sell part of its rights,” Seth says.

Brilliant and functional move

Some experts are calling it a brilliant and functional move.

Ramsai Panchapakesan, senior-vice president and national head, integrated media buying at Zenith, says four large networks control the complete live sports (cricket) telecast space and each of them have traditionally been very protective about their rights.

But things are changing. The splitting of IPL rights between two large networks has set a new way of scaling up revenue opportunity as the audience pool will get added, when it comes to more than one network.

This has set an optimistic precedent and only goes to show how recovering the sheer volume of money that is invested in these rights becomes a Herculean task for a single network alone, he said.

“The spread is now larger,” notes Panchapakesan. The Zee-Star deal, according to him, has been further strengthened in terms of exercising the might of big media houses to interplay on their own merits.

Why Zee Network?

Panchapakesan breaks it down.

According to him, among the top four networks, Zee is the only 100 percent Indian broadcasting company with deep roots in the markets. Zee is now the single-largest network after it announced a merger with Sony. This deal only widens the horizons for amplifying reach.

As for Zee, this is a scale-up, Panchapakesan says. “Zee is a pioneer in entertainment and regional content, and, in the recent past, marque live cricket events were the missing piece. GEC can fetch limited vertical growth and there is a need to go for horizontal expansion to grow revenue. Hence, no wonder this alignment is highly strategic and it’s a first-of-its-kind partnership in the Indian media and entertainment landscape,” he says.



<blockquote>“The prices for these rights (IPL and ICC India cricket events) have gone through the roof and recovering them would become increasingly difficult for the networks. That explains why Star, which has been dominating the India cricket broadcast space, decided to sell part of its rights,” says Naval Seth</blockquote>



More collaborations on the anvil

Vinay Hegde, chief buying officer, Madison Media, says that the Star-Zee strategic alliance to telecast all ICC Men’s events for 2024-27 is the first-of-its- kind in India. It is similar to how Sky Sports and BT Sports collaborate to broadcast the Premier League.

"For Star, this could also be to ensure the recovery of their huge investments, including IPL and 2024-27 ICC events, and balance their books. For Zee, which has in the past made some unsuccessful forays into sports, this gives an opportunity to also try and establish themselves as the destination for cricket and maybe more. It’s another avenue to monetise, considering cricket is a religion in India, and will have its dedicated viewers," he adds.

For the viewers, this will now mean adding Zee channels to their bouquet (in addition to Star, Sony, Viacom18), making the viewing pool wider for cricket buffs and might have a positive impact on subscription packages.

"Considering investments in acquiring sports broadcast and streaming rights is increasing, this deal could open the doors for more such strategic collaborations in the future to widen the net, enabling better monetisation to recover the investments," Hegde concludes.

Disney Star had retained the television rights of IPL for Rs 23,575 crore, whereas the digital rights were picked up by Viacom18 for Rs 20,500 crore.

Back to merger: About the Zee-Sony deal

A merger between the Indian unit of Japan's Sony and Zee Entertainment to create a $10 billion TV enterprise will potentially hurt competition by having "unparalleled bargaining power", the Competition Commission of India's (CCI) found in an initial review, according to a report by Reuters.

The country's antitrust watchdog on August 3 sent notice to the two companies stating the watchdog is of the view that a further investigation is merited. The CCI's findings are likely to delay regulatory approval of the deal and could force the companies to propose changes to its structure as well.

Sony and Zee in December 2021 decided to merge their television channels, film assets and streaming platforms to create a powerhouse in a key media and entertainment growth market of 1.4 billion people, challenging rivals like Walt Disney Co.

SONY