Zee Entertainment on Friday said it has reduced the workforce at its Technology & Innovation Centre in Bengaluru by about half, following recommendations by a company-formed review panel to cut costs.
The decision was made by the managing director and chief executive officer Punit Goenka, the company said.
The committee, comprising company chairman R. Gopalan and audit committee chairman Prakash Agarwal, had suggested that Zee should substantially reduce losses in its businesses, including its English-language TV channels, and cut costs in other areas to meet a key profit target, the broadcaster said on Tuesday.
The committee had also advised halving the costs at Zee's technology and innovation centre in fiscal 2025, from the 6 billion rupees ($72 million) a year back, the company added.
Zee, besides being locked in legal battles over the failed Sony and cricket deals, has to also contend with new competition after Disney and Reliance merged their Indian media assets to create an $8.5 billion media behemoth.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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