ZEE Entertainment to Reduce Workforce by 15%

8 Apr 2024 , 01:16 PM

Zee Entertainment Enterprises Ltd (ZEEL) said on Friday (April 5) that its Managing Director and CEO, Punit Goenka, has submitted a proposal to the board for a reduced staff and a simplified management structure.

The planned restructure calls for a 15% reduction in personnel size.

The company stated in a stock exchange filing that “In line with his overall strategic approach, the MD & CEO has initiated the process of trimming the workforce by 15%, which will reduce the staff strength across the company to arrive at a streamlined team that is majorly focused on the set goals for the future.”

The fundamental goals of this new organisation are to improve cost-effectiveness, speed, and agility while remaining focused on performance and profitability.

The reform will entail promoting some team members across companies to positions of greater responsibility, as well as improving cross-functional cooperation and decision-making. The precise composition of the new operational structure will be revealed when the board has provided the required approvals and advice.

The proposed structure’s major business segments will be broadcast, digital, movies, and music, with each sector focused on using synergies to improve content development capabilities and promote revenue growth.

The company stated that it aims to enhance content creation capabilities by emphasizing a collaborative environment within its core business segments.

At around 12.55 PM, Zee Entertainment was trading 0.43% higher at ₹153, against the previous close of ₹152.35 on NSE. The counter touched an intraday high and low of ₹154.90, and ₹152.35, respectively.

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