Zee Entertainment plans to cut down its workforce by 15%

Layoffs in Zee: Zee Entertainment has announced plans to reduce its workforce by 15 per cent as part of a broader effort to streamline operations and cut costs. The decision could impact nearly 700 employees out of a total headcount of 4,577, as reported in the company's latest annual report.

The move comes amidst Zee's concerted efforts to address financial challenges and meet profitability targets set by an internal review panel. The company has faced setbacks, including the failure of two deals in January: a proposed $10 billion merger with Sony India and a $1.4 billion cricket broadcasting deal with Walt Disney.

In response to the evolving business landscape, Zee's Chief Executive, Punit Goenka, has taken a 20 per cent pay cut, and the company has already initiated workforce reductions at its Technology & Innovation Centre in Bengaluru on March 29.

Looking ahead, Goenka has proposed a restructuring of Zee's operations, aiming to refocus the company's efforts on its core segments, including broadcast, digital, movies, and music. This strategic realignment underscores Zee's commitment to adapting to market dynamics and driving sustainable growth in the media industry.

(With Reuters inputs)