India’s Zee Entertainment Enterprises is planning to cut its workforce by 15%. At the same time, MD and CEO Punit Goenka is proposing a “lean and streamlined” board structure.
A process to “prune” Zee’s staff has begun “to arrive at a streamlined team that is sharply focused on the set goals for the future,” according to management.
A filing to the Indian National Stock Exchange today claimed the new structure was “aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus” and “enable the company to chart higher growth by maintaining a keen eye on performance and profitability.”
Goenka’s filing also claimed that “to nurture and encourage the entrepreneurial spirit, which is an intrinsic part of Zee’s DNA, every team member of the lean structure will function as a partner and a co-owner of the company.”
Several staff are...
A process to “prune” Zee’s staff has begun “to arrive at a streamlined team that is sharply focused on the set goals for the future,” according to management.
A filing to the Indian National Stock Exchange today claimed the new structure was “aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus” and “enable the company to chart higher growth by maintaining a keen eye on performance and profitability.”
Goenka’s filing also claimed that “to nurture and encourage the entrepreneurial spirit, which is an intrinsic part of Zee’s DNA, every team member of the lean structure will function as a partner and a co-owner of the company.”
Several staff are...
- 4/5/2024
- by Jesse Whittock
- Deadline Film + TV
Mega Merger
The proposed merger between Indian powerhouse Zee Entertainment Enterprises and Sony‘s Indian TV businesses, which has been nearly two years in the making, is likely to be delayed further, Sony said in a filing on Friday. The companies cleared a key regulatory hurdle in August, but there are other matters pending, especially that of leadership. The original plan had foreseen that Zee’s CEO Punit Goenka would be its captain, while Sony would own a 51% controlling stake. However, Goenka was banned from managing any listed company in India following an interim regulatory report that accused him and Zee founder Subhash Chandra of running the company for their own benefit and “siphoning off” money.
Goenka appealed the decision with India’s Securities Appellate Tribunal, who heard his plea on Wednesday but has reserved a verdict for at least a week.
On Friday, Sony said: “Both companies continue to...
The proposed merger between Indian powerhouse Zee Entertainment Enterprises and Sony‘s Indian TV businesses, which has been nearly two years in the making, is likely to be delayed further, Sony said in a filing on Friday. The companies cleared a key regulatory hurdle in August, but there are other matters pending, especially that of leadership. The original plan had foreseen that Zee’s CEO Punit Goenka would be its captain, while Sony would own a 51% controlling stake. However, Goenka was banned from managing any listed company in India following an interim regulatory report that accused him and Zee founder Subhash Chandra of running the company for their own benefit and “siphoning off” money.
Goenka appealed the decision with India’s Securities Appellate Tribunal, who heard his plea on Wednesday but has reserved a verdict for at least a week.
On Friday, Sony said: “Both companies continue to...
- 9/29/2023
- by Naman Ramachandran
- Variety Film + TV
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