In an effort to cut costs and streamline its operations, Zee Entertainment is set to undergo a significant restructuring. The decision will impact an estimated 15 per cent of its workforce, as part of a move towards a leaner management approach, led by Punit Goenka, MD and CEO, Zee Entertainment.
The proposed restructuring, unveiled on Friday, 5 April, aims to establish 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 are expected to be affected by the layoffs. This announcement follows closely on the heels of Goenka’s decision to voluntarily reduce his own pay by 20 per cent.
The move is expected to align with the company’s objectives of achieving 8-10 per cent revenue growth. Furthermore, this strategy, outlined by Goenka earlier in February after the termination of Sony’s proposed merger with Zee, emphasises cutting costs, reducing overlaps and improving content quality.
Over the past month, Zee has witnessed the departure of several senior executives as part of its operational streamlining efforts. 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.
