Zee in legal trouble over failed Sony and Cricket deal (Representative)
Bangalore:
Zee Entertainment on Friday said it has reduced its headcount at its Technology and Innovation Center in Bengaluru by about half, following cost-cutting recommendations made by a review panel formed by the company.
The company said the decision was taken by managing director and chief executive officer Punit Goenka.
The committee, comprising company chairman R. Gopalan and audit committee chairman Prakash Agarwal, recommended that Zee should sharply reduce losses in its businesses, including English TV channels, and cut costs in other areas to hit key profit targets, the broadcaster said on Tuesday express.
The committee also recommended halving the cost of Zee Technology and Innovation Center in fiscal 2025 from 6 billion rupees ($72 million) a year ago, the company added.
In addition to being mired in legal troubles over failed Sony and Cricket deals, Zee must contend with new competition after Disney and Reliance merged their Indian media assets to create an $8.5 billion media giant.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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