Jaipur, April 06, 2024.
Zee Entertainment will lay off an estimated 15% of its workforce as MD and CEO Punit Goenka proposes a leaner and more streamlined management structure. The company aims to reduce costs and achieve the targeted objectives of 8-10% revenue growth and 18-20% Ebitda margins by FY26.
The layoffs are expected to affect approximately 500 employees, of the total 3,437 permanent staff. The announcement comes within days of Goenka’s decision to take a voluntary pay cut of 20%.
On Friday, Zee proposed a new structure, seeking to establish a cost-efficient operational model. This model is designed to spur higher growth by focusing on performance and profitability, Zee said.