Gaurav Banerjee has officially been appointed as the Managing Director and Chief Executive Officer of Culver Max Entertainment, the parent company of Sony Pictures Networks India (SPNI), with a five-year tenure extending until August 2029.
The resolution to regularize his position was approved by shareholders at the company’s Annual General Meeting (AGM) held on August 25, solidifying his leadership role which began in August 2024. This appointment formalizes his transition from an additional director to a full-time director.
Banerjee, who succeeded NP Singh as the MD and CEO last year, is expected to steer SPNI’s growth strategy in the evolving Indian media landscape. His appointment comes at a crucial time for the company, which recently reported a revenue of ₹6,511 crore and a net profit of ₹840 crore for FY24. The company’s financial report for the same period showed its subscription income at ₹3,206 crore and advertising income at ₹2,825 crore.
The AGM also approved the appointments of two other key executives as Whole-time Directors: Ritesh Khosla, the General Counsel, and Sibaji Biswas, the CFO. Their five-year terms will be effective from December 2024 and February 2025, respectively. According to the company’s statutory statement, none of the newly appointed directors hold shares in the company or have any relational interests with other key personnel.
SPNI currently operates 28 television channels across various genres and its popular OTT platform, SonyLIV. As of June, the network’s channels boasted a combined subscriber base of 424 million, according to estimates from Sony Pictures Entertainment. Banerjee’s extensive background in content strategy, having previously held key roles at Disney+ Hotstar and Star India, is expected to drive SPNI’s content-led growth and strengthen its position in the market.
Key Highlights:
- Leadership Appointment Confirmed: Gaurav Banerjee’s five-year term as Managing Director and CEO of Sony Pictures Networks India (SPNI) has been ratified by shareholders, effective until August 2029.
- Key Executive Appointments: The company’s AGM also approved the appointments of Ritesh Khosla and Sibaji Biswas as Whole-time Directors for five-year terms.
- Company Performance: For FY24, SPNI reported a revenue of ₹6,511 crore and a net profit of ₹840 crore, with a total subscriber base of 424 million as of June.
- Strategic Direction: Banerjee’s appointment is seen as a strategic move to focus on content-driven growth and strengthen SPNI’s position in the Indian broadcasting and digital media market.