Zee Entertainment has implemented cost-saving measures

Reduces its tech team at TIC in Bengaluru by 50 per cent

ZEE launched 3M Program to achieve key performance goals

Following the collapse of its proposed merger with Sony, Zee Entertainment has implemented cost-saving measures, including reducing its tech team at the Technological and Innovation Centre (TIC) in Bengaluru by 50%.

In an official statement, the company explained, “In line with directives from the board under the recently concluded 3M Program, the MD & CEO (Punit Goenka) has restructured the TIC, reducing its workforce by approximately 50% and refining its areas of focus.”

The exact number of employees affected by the layoffs has not been disclosed by the company.

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Earlier this week, ZEE Entertainment Enterprises Ltd (ZEEL) launched the 3M Program aimed at achieving key performance goals, such as a targeted 20% EBITDA margin.

To oversee the program’s execution, a Special Committee was established by ZEEL’s Board, comprising ZEE Chairman R Gopalan and Uttam Prakash Agarwal, Chairman of the Audit Committee.

According to ZEEL, the committee conducted a comprehensive review of TIC, which incurred approximately Rs 600 crore in expenses in the previous year.

Consequently, the committee recommended a 50% reduction in TIC expenses for the Financial Year 2024-25, emphasizing the optimization of its services to bolster the company’s content development, distribution, and monetization strategies.