Sony’s Gaurav Banerjee dismisses concerns over foreign investment in India’s media sector

Sony Pictures Networks India MD and CEO Gaurav Banerjee has dismissed concerns about foreign investment in India’s media and entertainment (M&E) sector, saying global media companies continue to invest in the country despite industry consolidation and the exit of some international players.

“I don’t think foreign investment is a challenge. I work for a global entertainment company, and we are investing in India in a very meaningful and big way,” Banerjee, who also chairs the CII Media & Entertainment Committee, said on the sidelines of the Big Picture Summit 2026 in Mumbai last week.

Citing the presence of YouTube, Netflix and Amazon, he said global media companies recognise India’s long-term growth potential and continue to invest billions of dollars in the market.


His remarks come amid significant restructuring in the sector. Disney merged its Indian media operations with Reliance Industries’ media arm to form JioStar, while BBC Studios exited India’s production business in favour of a multi-year local production arrangement with Banijay Asia.

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Paramount Global sold its remaining stake in Viacom18 to Reliance Industries in 2024. Following its $110 billion acquisition of Warner Bros. Discovery, Paramount Skydance has re-entered India through the latter’s Indian subsidiary.

Banerjee said these developments did not signal a broader retreat from India. He attributed the country’s appeal to economic growth, rising purchasing power and an expanding middle class, which could drive higher consumer spending on entertainment. With India growing at more than 7%, he said, global investors were looking at the country’s potential over the next 10 to 20 years.

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Sony’s Indian business also plays a significant role in its global operations. Sony Pictures Entertainment CEO Ravi Ahuja said last year that India accounted for close to 10% of the group’s global revenue and profit. Sony’s proposed merger with Zee Entertainment Enterprises collapsed in 2024.

Recently, Ahuja had indicated that the company does not intend to pursue large-scale mergers and acquisitions.

While bullish on India’s prospects, Banerjee acknowledged that traditional media businesses were under pressure and called for predictable, light-touch regulation.

“Some parts of the business model, particularly in the traditional part of the business, are under stress,” he said, adding that the government understands the industry’s strategic importance.

On artificial intelligence, Banerjee stressed the need to protect creators and intellectual property as the industry adopts new technologies, ensuring that innovation does not come at the expense of creators.

Referring to the ongoing uncertainty over BARC, he underscored the need for a television ratings currency, warning that its absence could hurt advertisers and industry revenues. “Not having that currency is hurtful. It’s hurtful to advertisers and therefore it will hurt revenues,” he said.

The issue has gained urgency after the Ministry of Information and Broadcasting directed the Broadcast Audience Research Council (BARC) in June to suspend the publication of television ratings pending the renewal of its licence under the Television Ratings Policy, 2026. The suspension has created uncertainty for broadcasters, advertisers and media agencies that rely on audience data.

Banerjee also highlighted the role of the Indian Institute of Creative Technologies (IICT), in which CII holds a 26% stake, in developing industry-ready talent. He said greater industry participation in curriculum design and internships could give students practical experience, adding that he hoped IICT would become a global benchmark for creative education.