Zee Entertainment reduces staff by half at Bengaluru's technology & innovation centre

Zee Entertainment job cuts: Zee Entertainment announced on Friday a major reduction in the workforce at its Technology & Innovation Centre in Bengaluru, cutting staff by approximately half. 

The decision, attributed to cost-cutting measures, was made by the company's Managing Director and Chief Executive Officer, Punit Goenka.

The move follows recommendations from a review panel formed by the company, which included Chairman R Gopalan and Audit Committee Chairman Prakash Agarwal. 

The panel advised Zee to substantially reduce losses in various business segments, including its English-language TV channels, and to implement cost-cutting measures to achieve a key profit target.

In line with these recommendations, the committee suggested halving costs at Zee's technology and innovation centre by fiscal year 2025, down from the previous annual expenditure of 6 billion rupees ($72 million).

Zee Entertainment is currently navigating legal challenges related to failed deals with Sony and in cricket broadcasting. 

Additionally, the company faces heightened competition following the merger of Disney and Reliance's Indian media assets, creating a formidable $8.5 billion media conglomerate.

(With Reuters Inputs)