Zee Entertainment Enterprises (Zee) has announced plans to reduce its workforce by 15% across functions, aiming to optimize costs and achieve a 20% EBITDA margin by 2025-26.
This move is expected to impact nearly 700 employees, as the company employed 4,577 people as of March 31, 2023. The decision comes amid a corporate restructuring following the collapse of the merger deal with Sony Pictures Networks India.
Corporate Rejig and Top-Level Exits
As part of the restructuring, Zee has seen the exit of three top-level executives – Rahul Johri (president, business), Punit Misra (president, content), and Nitin Mittal (president, technology).
Managing director Punit Goenka has taken a more hands-on approach, with both revenue and content teams now reporting directly to him. Amit Goenka, president-technology, will oversee the Technology & Innovation Centre (TIC) executives on an interim basis, as the company’s streaming platform, ZEE5, heavily relies on technology services. Goenka has proposed elevating certain team members across businesses to provide them with increased responsibility.
