After some senior-level exits, Zee Entertainment has now trimmed its workforce at the technology and innovation centre in Bengaluru as part of a cost-cutting measure.
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The company has pruned the Technology & Innovation Centre’s (TIC) structure by around 50 percent on the guidance received from the board during the recently conducted Monthly Management Mentorship (3M) Program, the company said.
The TIC will maintain a sharper focus on enhancing the overall content creation, distribution and monetisation process for the company by utilising technology-led tools to gain deeper insights into consumer preferences, Zee said in a release.
The board of Zee Entertainment Enterprises institutionalised a structured Monthly Management Mentorship (3M) Program, the media firm had said in a stock exchange filing on March 26 adding that the objective of the 3M Program is to guide and enable the management team to achieve key performance metrics, including the targeted 20 percent EBITDA margin.
“We are laser-focused towards creating exceptional content… To achieve this, we need the blend of a creative approach, detailed consumer insights and futuristic technology solutions. The core and streamlined team at TIC will now only focus on enabling and empowering us in this process of content creation, distribution and monetisation,” said Punit Goenka, MD & CEO, ZEE.
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He said that these steps are in line with the approach to optimise the resources and arrive at a cost-effective structure to drive continued growth for the company.
The company recently announced the strategic realignment of its revenue vertical, which is now being directly driven by the MD and CEO.
The key changes actioned at the TIC are in line with this macro-level strategic approach to arrive at a cost-effective structure that is competent and productive enough, to deliver the same level of output towards the company’s growth.
The cost-cutting measures and streamlining of business comes after the soured merger with Sony, which was terminated this year.
The company first announced strategic changes in the revenue vertical of its broadcast business and also accepted the resignation of Rahul Johri, who had led the revenue and monetisation vertical at the company for three years.
Later, the company’s President of Technology and Data Nitin Mittal also tendered his resignation.
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The company said that Amrit Thomas (data science), Kishore Krishnamurthy (engineering), Bhushan Kolleri (product) and Vishal Somani (enterprise and content technology) will report to Amit Goenka, President of digital Businesses & Platforms, on an interim basis.
