Zee Entertainment Enterprises (ZEEL) has laid off dozens of employees this week. The announcement follows its Q4 FY 2024 results.
The layoffs are said to be a part of its ongoing phased restructuring plan aimed at reducing the workforce by 15 per cent, as proposed by Punit Goenka, MD and CEO, ZEEL. It aligns with Goenka’s strategy, presented to the board on 5 April, to streamline operations and cut costs.
The proposed restructuring was aimed at establishing a more cost-efficient operational model focused on driving higher growth through enhanced performance and profitability. About 500 employees out of a total of 3,437 permanent staff were expected to be affected by the layoffs.
Company insiders confirm that the latest layoffs are in line with the planned workforce reduction. During the announcement of ZEEL’s December quarter results, Goenka had emphasised his focus on frugality, optimisation, and high-quality content to improve margins.
Goenka reiterated this approach during the FY 24 Q4 earnings call, stressing the importance of a balanced cost structure for sustained growth.
Over the past month, Zee has witnessed the departure of several senior executives as part of its endeavour to streamline operations. Goenka intends to elevate team members from various business units to assume higher responsibilities and plans to take direct oversight of key areas.
While specific details of the new operational framework are pending approval from the board, Goenka has laid out a broad blueprint. This includes consolidating the broadcast business, digital assets, movie studio and music vertical to strengthen Zee’s position in the market.
