Zee layoffs, Tesla Car Plant, VI Funds, RBI's New Launch, Etc.

Author

Vaishali Sharma
April 07, 2024

Zee's Cost-Cutting Crusade: Workforce Slashed by 15% Amidst Corporate Overhaul

  • Cost-Cutting Drive: Zee Entertainment Enterprises (Zee) initiates a 15% reduction in its workforce across functions to streamline operations and achieve a 20% EBITDA margin by 2025-26.

  • Employee Impact: Nearly 700 employees affected as Zee aims to trim its workforce from 4,577 employees as of March 2023.

  • Strategic Arrangement: Recent layoffs include 50% of staff at the Technology & Innovation Centre (TIC) in Bengaluru, aligning with Zee's goal of halving expenses incurred at TIC, which amounted to ₹600 crore.

  • Executive Exits: Three top-level executives, including presidents of business, content, and technology, step down amidst the corporate restructuring led by managing director Punit Goenka.

  • Leadership Changes: Revenue and content teams now report directly to Punit Goenka as Zee undergoes organizational restructuring following the termination of the merger deal with Sony Pictures Networks India.

  • Board Approval: ZEEL chairman R Gopalan acknowledges the proposed changes, signaling alignment with strategic objectives and management's efforts to streamline operations for future growth.

Briefs, You Can’t Miss:

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  2. India's Plastic Exports Surge YoY in February

  3. Ayurveda Product Market in India Projected to Reach by FY: Study

  4. Vodafone Idea Board Approves Fundraising from Aditya Birla Group via Preferential Issue

  5. Vi Set to Renew Tech Outsourcing Deal with IBM

  6. RBI Plans to Introduce Accessible CBDC-R for Non-Bank Payment System Operators

  7. RBI to Launch Mobile App for Investing in Government Securities.

World Briefs

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  • India-Singapore Bilateral Trade Surges 18.2% to $35.6 Billion in FY 2022-23.

  • Concerns Mount Over Tesla's Future Growth as Low Quarterly Sales Surface.

AI Briefs

  • Microsoft Warns: China Could Exploit AI to Influence Elections in Countries Such as India and the US.

  • Report: Google Experimenting with AI-Generated Email Responses in Gmail App for Android.