Zee Entertainment cuts tech and innovation centre workforce by 50%: Report

NT Correspondent

Bengaluru: Zee Entertainment has recently downsised its Technology and Innovation Centre (TIC) by approximately 50%, following recommendations from a special committee that critically evaluated various business verticals.

In an official statement, Zee Entertainment Enterprises Ltd (ZEEL) confirmed that the MD & CEO has reduced the TIC's workforce by half to establish a more costefficient structure for its Bengaluru-based technology solutions division.

Although the exact number of affected employees remains undisclosed, ZEEL's annual report mentioned the TIC employed over 650 engineers, providing a competitive advantage in the digital ecosystem.

ZEEL has introduced a monthly management mentorship pro g ram, known as the 3M Program, aimed at guiding the management team to achieve key performance indicators.

"Following the board's advice during the recent 3M Program, the MD & CEO, Punit Goenka, has streamlined TIC's operations by around 50%," stated ZEEL, reports Vartha Bharathi.

TIC will concentrate on optimising content creation, distribution, and monetisation processes by leveraging technologydriven tools to gain deeper consumer insights.

"Our focus remains on producing high-quality, engaging content for our global audience. We aim to meet the expectations of billions of viewers worldwide by combining creativity, consumer insights, and advanced technology," remarked Goenka.

During an investor conference call earlier this month, the Zee Chairman acknowledged that ZEEL's performance since 2020 was affected by industry-wide challenges, transitional issues, and management bandwidth constraints due to merger activities.

The board has committed to closely monitoring the business model presented by the MD & CEO to enhance performance and efficiency across all business units, as reported by Vartha Bharati.

Previously, ZEEL had announced a merger with Sony Pictures Network India, aiming to create a USD 10.5 billion media entity.

However, Sony Group terminated the merger in January, leading to ongoing legal disputes between the two companies.

Recently, ZEEL reported a 2.36% decline in consolidated total income to Rs 2,073.36 crore for Q3 of the current fiscal year.