Part of cost-cutting measures
BBN Bureau
Bengaluru: Zee Entertainment, a major player in the media business, has cut its headcount almost by half at its Technology& Innovation Centre in Bengaluru as part of the cost-cutting measures being implemented by the company.
Zee Enterprises said in a release that managing director and chief executive officer Punit Goenka had announced the decision.
A two-member panel comprising company chairman R Gopalan and audit committee chairman Prakash Agarwal had recommended that Zee should take steps to drastically reduce the losses in its business, especially by its English TV channel, and expenses in other operations to achieve the targeted profit, Zee Entertainment said.
The panel also suggested that the cost of Rs.600 crore spent for running the technology and innovation centre in FY24 should be brought down to half in FY25.
Zee, besides being locked in a legal battle over the failed Sony deals, has to also contend with new competition after Disney and Reliance merged their Indian media assets to create an $8.5 billion media behemoth.
