Zee Entertainment to layoff 15% workforce
Zee Entertainment is laying-off an estimated 15% of its employees. The pitching of laying-off of employees rolls on as Punit Goenka, MD and CEO of Zee Entertainment proposes a more streamlined and leaner management framework.
The aim of the company for FY26 is to reduce the costs and achieve the targeted goal of revenue growth by 8-10% and margins of Ebitda by 18-20%.
It is expected that out of the total 3437 permanent empolyees, this lay-off will affect around 500 employees. The announcement of cutting off the employees from the company comes just days after Punit Goenka took the decision of a 20% voluntary pay cut.
Zee said in the statement on Friday that, “the company proposed a new structure in an attempt to build a cost-effective operational structure. This structure is intended to increase growth by focusing on performance and profitability.
Punit Goenka outlined three-pronged strategies in February:
1. Cost Cutting.
2. Reduce Overlapping of Business.
3. Increasing quality of Content.
This laid out was made soon after SONY called off its promised merger worth $10 billion with Zee in January.
“A simplified and good structure asks for a stronger focus on performance, productivity and profitability,” Goenka stated.
The New operational framework includes broadcast business which includes Zee’s portfolio of channels across genres apart from digital, or a movie studio and the music vertical which will help in putting a stronghold in the marketplace.
