Zee Entertainment has embarked on a significant cost reduction strategy that includes terminating approximately half of its technology team employed at its innovation hub located in Bengaluru. The development surfaced soon after talks regarding a potential merger with Sony collapsed. In a press statement, the organization emphasized that these actions, orchestrated by the Managing Director and CEO Punit Goenka, are aligned with his vision to streamline operations and achieve a more economical framework that supports sustainable growth for Zee Entertainment.
The specifics regarding the dismissal headcount have not been made public. Nevertheless, the focus of the innovation centre remains steadfast on improving content creation, amplification, and revenue-generating activities. MD & CEO Punit Goenka accentuated the company’s commitment to delivering premium and captivating content to its massive worldwide audience. For Zee, satisfying billions of viewers rests on merging creativity, precise audience insights, and advanced technological interventions.
Zee Entertainment witnessed executive shifts as Nitin Mittal stepped down from his role as President of Technology and Data. Following this change, Amrit Thomas assumed the mantle for data science, Kishore Krishnamurthy took on engineering responsibilities, Bhushan Kolleri was made in charge of the product division, and Vishal Somani became responsible for enterprise and content technology.
Facing a wave of new market challengers like the Disney-Reliance media amalgamation, along with jousting legal contentions due to unresolved dealings with Sony and cricket rights, Zee has opted for a significant workforce reduction at its Bengaluru-based Technology & Innovation Centre. This move is part of a larger scheme recommended by an internal review committee to reel in expenditures. The panel, which included figures such as chairman R. Gopalan and audit committee chairman Prakash Agarwal, advised implementing considerable reductions across various segments of the business to avert losses, especially in English-language TV channels, and to curtail spending in order to achieve set profit margins. This included a recommended cutback of costs by 50% at the technology and innovation center for fiscal 2025, a significant decrease from the 6 billion rupees incurred in the preceding year.