Punit Misra, who served as the President of Content and International Markets at Zee Entertainment Enterprises Ltd (ZEEL), has resigned from his position. During his tenure, Misra played a crucial role in overseeing content for Zee’s linear television networks and its digital platform, ZEE5, catering to audiences both domestically and internationally. He also led the company’s global business endeavors.
In recent weeks, Zee has witnessed several senior-level departures, including Rahul Johri, President of Business, and Nitin Mittal, President and Group Chief Technology Officer, reportedly as part of the company’s efforts to streamline operations and reduce expenses.
In an earnings call, Zee announced a three-pronged strategy to address challenges, focusing on cost reduction, minimizing overlaps between businesses, and enhancing quality to restore margins, following the collapse of its merger with Sony Pictures Entertainment.
Zee’s Managing Director and CEO, Punit Goenka, emphasized a shift towards frugality with a renewed emphasis on quality and output across various verticals, including technology, content, and marketing. The company aims to optimize expenditures and improve return on investments, with a particular focus on recalibrating the OTT cost structure.
Additionally, Zee intends to enhance synergies and diminish overlaps between its businesses while exploring avenues to increase value delivery to advertisers and monetize content through alternative means.
The termination of the merger agreement with Sony Pictures Entertainment prompted Zee to reevaluate its strategies. Goenka anticipates a margin improvement reflecting in earnings from the second half of fiscal year 2025, targeting an EBITDA margin of 18%-20% by fiscal year 2026.
Zee reported a 6.4% year-on-year decline in net profit to ₹53.4 crore in the third quarter of FY24, with operating revenue decreasing to ₹2,045.7 crore from ₹2,108.8 crore in the same period last year.
