Zee Lays Off 50% Staff At Technology & Innovation Center To Optimize Resources

The Bengaluru-based TIC had over 650 engineers, according to Zee’s annual report for FY23
Zee Lays Off 50% Staff At Technology & Innovation Center To Optimize Resources

Zee Entertainment Enterprises Ltd. said it “pruned” its Technology & Innovation Center (TIC) structure by about 50% to optimize resources and achieve a cost-effective structure to drive the company’s growth.

The development comes after Zee’s recently formed special committee advised the management to reduce the expenditure at the TIC by 50% for FY25 and utilize its services to enhance the Indian media and entertainment company’s content development, distribution and monetization approach.

The Bengaluru-based TIC had over 650 engineers, according to Zee’s annual report for FY23.

The special committee had said there was scope for streamlining the work for the TIC, which incurred an expenditure of around 600 crore rupees ($72 million) in the last year.

“The core and streamlined team at TIC will now only focus on enabling and empowering us in this process of content creation, distribution and monetization,” Zee Managing Director and Chief Executive Officer Punit Goenka said in a stock exchange announcement today.

Zee said the key changes actioned at the TIC are in line with the recently announced strategic realignment of its revenue vertical with an aim to arrive at a cost-effective structure to deliver the company’s growth.

The special committee -- comprising Zee Chairman R. Gopalan and Audit Committee Chairman Uttam Prakash Agarwal -- had identified several business verticals that need to further enhance performance of the company.

Note: $1= 83.3618 Indian rupees

(Send feedback to editor@cornerofficejournal.com)

Related Stories

No stories found.
logo
The Corner Office Journal
www.cornerofficejournal.com