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Punit Goenka confident about ZEE’s growth amid legal and industry challenges

Livemint

Livemint · 9m ago

Punit Goenka confident about ZEE’s growth amid legal and industry challenges

During the 42nd Annual General Meeting of Zee Entertainment Enterprises Ltd (ZEEL), CEO Punit Goenka addressed shareholders' concerns and provided updates on the company's strategies and ongoing legal challenges. He emphasized ZEEL's commitment to navigating the evolving media landscape and outlined goals for revenue growth and margin improvement over the next three years. Goenka highlighted the potential for digital and music businesses to outpace the linear television segment and discussed the importance of focusing on new growth engines. He also mentioned the ongoing legal challenge with Star India, acknowledged industry disruptions, and expressed confidence in ZEEL's ability to overcome challenges and create long-term value for shareholders.

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Frugality and cost optimisations: Punit Goenka’s new mantra for Zee

Thehindubusinessline

Thehindubusinessline · 1y ago

Frugality and cost optimisations: Punit Goenka’s new mantra for Zee

Zee Entertainment's Managing Director, Punit Goenka, aims to achieve an 18-20% EBITDA margin and 8-10% revenue growth by adopting a frugal approach. This includes cutting costs, reducing new content properties, and re-evaluating their sports portfolio. Goenka emphasized the focus on quality content and assured investors that fiscal prudence will be a top priority. While Goenka did not address questions regarding the failed merger with Sony, he expressed confidence in Zee's unmatched fundamentals and ability to compete in the industry.

Subhash Chandra not cooperating in Zee fund diversion probe: Sebi tells tribunal

Livemint

Livemint · 1y ago

Subhash Chandra not cooperating in Zee fund diversion probe: Sebi tells tribunal

Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd, is reportedly not cooperating in an investigation into alleged fund diversion at the media company, according to the Securities and Exchange Board of India (Sebi). Sebi has informed the Securities Appellate Tribunal (SAT) about Chandra's lack of cooperation. Chandra's legal counsel has contested these allegations, stating that they are baseless. Sebi had previously issued an order against Chandra and Punit Goenka, barring them from holding key managerial positions in listed entities due to alleged fund diversion. The investigation has affected the proposed merger between Zee and Sony.

Will shut down biz...': Zee MD's strict strategy after failed merger with Sony

Livemint

Livemint · 1y ago

Will shut down biz...': Zee MD's strict strategy after failed merger with Sony

Zee Entertainment MD, Punit Goenka, has shifted the company's focus towards delivering value to shareholders following the failed merger with Sony Group Corp. He has committed to achieving an 18-20% EBITDA margin by FY2026 through cost optimization and a focus on return on investment. Goenka stated that businesses that do not generate profit will be shut down, and he welcomed competition in the industry. He also addressed Sebi's allegations of fund diversion by Zee promoters, stating that there has been no wrongdoing. The company has set up an independent advisory panel to investigate the matter.

Sony may call off $10 billion mega-merger with Zee Entertainment

Livemint

Livemint · 1y ago

Sony may call off $10 billion mega-merger with Zee Entertainment

Sony Group Corp. is reportedly set to cancel its merger agreement with Zee Entertainment Enterprises Ltd., citing a standoff over the leadership of the merged entity. The Japanese conglomerate no longer wants Zee's CEO Punit Goenka, who was originally slated to lead the new company, amid a regulatory probe. Sony plans to file a termination notice before the January 20 deadline for closing the deal. The scuttling of the deal leaves Zee vulnerable and comes as Mukesh Ambani's Reliance Industries is in talks to merge with Walt Disney Co.'s India unit.

SEBI finds ₹2000 cr accounting issue at Zee Entertainment Enterprises: Reports

Livemint

Livemint · 1y ago

SEBI finds ₹2000 cr accounting issue at Zee Entertainment Enterprises: Reports

India's market regulator, SEBI, has discovered a financial discrepancy of over $240 million in Zee Entertainment Enterprises' accounts. This comes as another setback for the media company, following the collapse of its merger with Sony Group Corp's India unit. SEBI's investigation revealed that around $241 million may have been redirected from the company, significantly more than initially estimated. Zee Entertainment's CEO, Punit Goenka, is facing challenges in reassuring investors after the failed merger, and the company is reportedly considering reviving the merger with Sony.

Zee Entertainment shareholders reject proposal to reappoint Punit Goenka as director

Livemint

Livemint · 9m ago

Zee Entertainment shareholders reject proposal to reappoint Punit Goenka as director

Shareholders of Zee Entertainment have rejected the reappointment of Punit Goenka as director, according to a regulatory filing by the company. The resolution for Goenka's reappointment was defeated in the annual general meeting, with only 49.54% of the total votes cast in favor of the resolution. This is a significant setback for Goenka, who is currently the CEO of Zee Entertainment. He had earlier resigned as managing director but continued as CEO. Other resolutions, including adoption of financial statements and declaring a dividend, were passed successfully.

Zee Entertainment boosts targets for MD Punit Goenka ahead of reappointment vote | Company Business News

Livemint

Livemint · 9m ago

Zee Entertainment boosts targets for MD Punit Goenka ahead of reappointment vote | Company Business News

The board of directors of Zee Entertainment Enterprises Ltd has approved higher performance targets for managing director and CEO Punit Goenka. The targets include quarterly revenue and Ebitda outlooks, as well as a payout of 25% of consolidated net profits as dividend to shareholders. Additionally, Saurav Adhikari has been appointed as an additional non-executive director, pending member approval. Adhikari brings decades of expertise in global businesses and markets. Goenka had previously announced a 20% pay cut in April as part of efforts to drive frugality and quality content.

Rishad is chair, I’m CEO, Azim Premji is a shareholder: Wipro’s Delaporte

Livemint

Livemint · 1y ago

Rishad is chair, I’m CEO, Azim Premji is a shareholder: Wipro’s Delaporte

Thierry Delaporte, the CEO of Wipro, defends his leadership amid criticism over declining growth and profitability as well as senior management departures from the company. He emphasizes the ongoing transformation of the organization and the need for speed in the industry. Delaporte believes that bringing in new talent and retaining key personnel are vital for the company's future success. While acknowledging the challenges, he remains confident that Wipro will bounce back once market conditions improve. Delaporte also addresses the recent resignation of Wipro's CFO, stating that it was a personal decision and a successor has been groomed.

Zee board approves organization restructuring

Livemint

Livemint · 1y ago

Zee board approves organization restructuring

The board of directors of Zee Entertainment Enterprises Ltd have approved a new organizational structure proposed by CEO Punit Goenka. The structure aims to leverage synergies among different business segments including broadcast, digital, movies, and music. The changes include new responsibilities for Siju Prabhakaran and Samrat Ghosh, while Ruchir Tiwari and Vishnu Shankar will continue in their respective roles. Ashish Sehgal will be responsible for integrated advertisement sales, and Amit Goenka will assume additional charge of the international broadcast business and other areas. The company aims to generate higher value for shareholders and maintain a focus on profitability.

Zee lays off 50% of its workforce at tech centre in Bengaluru

Thehindubusinessline

Thehindubusinessline · 1y ago

Zee lays off 50% of its workforce at tech centre in Bengaluru

In an effort to cut costs following the dissolution of its potential merger with Sony, Zee Entertainment has laid off 50% of its tech team at its innovation centre in Bengaluru. The move was made to optimize resources and drive continued growth, according to the company's MD & CEO Punit Goenka. The innovation centre will now focus on enhancing content creation, distribution, and monetization processes by leveraging technology-led tools. This comes after the resignation of Nitin Mittal as President of Technology and Data at Zee and a recent strategic three-fold approach by the company.

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