Zee Entertainment announced on Friday that it has implemented workforce reductions at its Technology and Innovation Centre in Bengaluru, cutting approximately half of its employees. This decision follows recommendations from a company-formed review panel aimed at cost reduction.
The move was approved by the managing director and chief executive officer, Punit Goenka, according to a statement released by the company.
The ‘3M (Monthly Management Mentorship) Program Special committee,’ consisting of company chairman R. Gopalan and audit committee chairman Prakash Agarwal, suggested measures to address losses in Zee’s businesses, including its English-language TV channels. One of the key recommendations was to reduce costs, particularly at the technology and innovation center, to achieve profit targets.
The committee proposed a significant reduction in expenses at the center for the fiscal year 2025, aiming to halve the costs compared to the previous year’s expenditure of 6 billion rupees ($72 million), as outlined by the company.
Moreover, Zee is grappling with challenges stemming from ongoing legal disputes linked to unsuccessful deals with Sony and cricket, alongside increased competition following the merger of Disney and Reliance’s Indian media assets, forming an $8.5 billion media giant.
