Zee Entertainment Enterprises Ltd. will rationalise its workforce by 15% in a bid to cut costs. This is the media company’s latest move to reduce costs after the merger deal with Sony was called off. Zee did not specify the number of employees who would be affected by the downsizing.
Just three days back, Zee managing director Punit Goenka had announced that he would take a pay cut of 20%. Last month, the company had said that it would halve its workforce in the Bangalore-based Technology & Innovation Centre.
After the collapse of the Zee-Sony merger, Punit Goenka had said that there would be no job losses in his company. However, the strategy now seems to be to have a leaner and more streamlined organisation. In FY23, the company’s personnel expenses were Rs. 824 crore.
