Sony Pictures Networks India (SPNI) on Monday announced the appointment of Gaurav Banerjee, 47, as its new managing director (MD) and chief executive officer (CEO), effective on or before August 26, pending regulatory approvals.
Banerjee, who is currently serving his notice period as the head of content for Hindi entertainment and Disney+ Hotstar at Star India, will succeed NP Singh, who has helmed SPNI for the last 10 years. Singh had indicated last month that he wished to step down from his role as MD & CEO as he sought to move away from day-to-day operations.
A journalist-turned-media-executive, Banerjee will bring his 16 years of experience at Disney Star, where he is also the business head for Star Bharat, Hindi & English movies, kids & infotainment, and regional channels in the east.
At Sony, he will head 26 channels from general entertainment to sports and movies, and streaming service SonyLiv.
His top priority will be growing Sony , following the collapse of its $10-billion merger with Zee earlier this year, experts tracking the market said. He will also have to navigate legal challenges from Zee to its arbitration proceedings at the Singapore International Arbitration Centre (SIAC). Zee last month had sought a termination fee of $90 million (around Rs 750 crore) from Sony four months after the latter initiated the arbitration proceedings. Sony had also sought a termination fee of $90 million from Zee when deciding to call off the merger in January.
“Banerjee is coming in at a very critical juncture at Sony. The media market is consolidating and finding inorganic opportunities may not be that easy,” Karan Taurani, senior vice-president, research at Mumbai-based brokerage Elara Capital, said.
In a statement on Monday, Banerjee said, “We will explore new frontiers in original programming, enhance our viewers’ experiences, drive our distribution footprint across India, and significantly boost our revenues.”
Reliance-backed Viacom18 and Disney Star will combine to form an $8.5-billion joint venture by early next year, including over 100 TV channels like Star Plus, Colors and Star Sports and streaming platforms Disney+ Hotstar and JioCinema. It will have dominant market shares in subscription and advertising video-on-demand segments, and will cater to over 750 million viewers across India and the globe.
To counter the Reliance-Disney combine, Banerjee may have to scan the market carefully for organic and inorganic growth opportunities for Sony, experts said.
Industry experts estimate Sony to have a network viewership share of 10-12% to Zee’s 18-20% and Disney Star’s 25-26%. Viacom18’s network viewership share is estimated at 10-12%. Had Sony and Zee combined, their viewership share would have touched around 30%. Reliance-Disney will have a nearly 40% viewership share after their merger.
Banerjee, say industry sources, has a good understanding of Indian content needs, having led entertainment content at television channels such as Star Plus as well as digital content at Disney+ Hotstar. He transitioned to the role of an entertainment executive from a journalist in 2008 when he joined Star India to lead content strategy for the network’s regional entertainment channels, helping the company expand into new markets with the launch of Star Jalsha in West Bengal and Star Pravah in Maharashtra.
Banerjee was appointed as head of content strategy for Star Plus in 2009. He was promoted to general manager of Star Plus in 2013 and took on leadership of the content studio in 2015.