Punit Goenka, MD and CEO, Zee Entertainment Enterprises Ltd. File
| Photo Credit: Paul Noronha
Broadcaster Zee Entertainment stated on April 5 it’s chopping 15% of its workforce in its newest bid to trim prices.
The job cuts may have an effect on practically 700 workers on the firm, which had a complete headcount of 4,577 workers, in accordance to its newest annual report. Key workers have been recognized to be promoted and shall be given greater accountability in addition to assuming direct cost of the essential enterprise verticals.
Broadcast, Digital, Movies and Music would be the 4 key enterprise verticals in the lean construction. This is a component of Zee’s transfer to considerably lower prices and cut back losses in its enterprise, together with its English TV channels, to meet a key revenue goal, as mandated by a company-formed evaluate panel.
Zee has had two main offers fail in January — a $10 billion merger with Sony India and a $1.4 billion cricket broadcasting take care of Walt Disney.
Earlier this week, Zee Chief Executive Punit Goenka took a 20% pay lower, whereas the corporate made cuts in the workforce at its Technology & Innovation Centre in Bengaluru on March 29.
R. Gopalan, Chairman, ZEE said, “The Board has noted the MD & CEO’s steps being taken to streamline the organization and the proposed lean structure. The Board appreciates the steps taken by the management to enhance the overall performance of the company, reaffirming our faith in the team’s ability to drive the company towards its set targets for the future.”
(With inputs from Reuters)
