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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.

Related News

Zee-Sony deal: Zee withdraws merger implementation application from NCLT

Livemint

Livemint · 1y ago

Zee-Sony deal: Zee withdraws merger implementation application from NCLT

Zee Entertainment has withdrawn its application from the National Company Law Tribunal regarding the implementation of its merger with Sony Entertainment Enterprises. Zee initially sought directions from the tribunal after Sony terminated the merger. Zee is now reviewing strategic steps and pursuing claims against Sony in ongoing arbitration proceedings. The company aims to focus on performance, achieve future goals, and explore strategic opportunities. Zee has recently undertaken restructuring efforts, including cost reduction and improving margins. Several senior-level executive exits have also occurred.

Zee plans to raise funds via share sale, calls board meeting on 6 June

Livemint

Livemint · 1y ago

Zee plans to raise funds via share sale, calls board meeting on 6 June

Zee Entertainment Enterprises Ltd is considering raising capital to support its growth. The media company, led by Punit Goenka, has called a board meeting on 6 June to discuss the proposal. Zee Entertainment is planning to raise funds through equity issuance, convertible papers, or a preferential issue. The decision comes after the cancellation of its $10 billion merger with Sony. Zee Entertainment has been going through a cost-cutting phase and has experienced changes in its board and leadership structure. The company's shares have fluctuated since the merger deal fell through.

For Zee’s investors, a teary two-year ride

Livemint

Livemint · 1y ago

For Zee’s investors, a teary two-year ride

Despite high expectations of creating shareholder wealth, the proposed merger between Zee Entertainment and Sony Corp has fallen through, causing concerns among investors. Foreign institutional investors, including Invesco and Amansa Capital, have sold their stake in Zee, while domestic mutual funds and insurance companies have increased their ownership. Retail shareholders are becoming restless and considering options such as seeking board reconstitution. The Zee stock has seen a significant decline, and uncertainties regarding future prospects and partnerships are impacting investor sentiment.

Zee board approves raising up to $239 mn through 10-yr foreign currency convertible bonds | Mint

Livemint

Livemint · 1y ago

Zee board approves raising up to $239 mn through 10-yr foreign currency convertible bonds | Mint

Zee Entertainment Enterprises plans to raise funds by issuing foreign currency convertible bonds (FCCBs) of up to $239 million to Resonance Opportunities Fund, St John’s Wood Fund Ltd, and Ebisu Global Opportunities Fund. These unsecured bonds will have a 5% coupon and a 10-year maturity, with no need for asset security. Investors can choose to convert the bonds into shares at a later date. Following its failed merger with Sony Pictures Entertainment, Zee is focused on cost reduction, eliminating overlaps, and improving quality to restore margins. The company reported a net profit of ₹13.35 crore for the quarter ended March.

Amid reports of a $241-m accounting issue, Zee shares tumble 15%

Thehindubusinessline

Thehindubusinessline · 1y ago

Amid reports of a $241-m accounting issue, Zee shares tumble 15%

Shares of Zee Entertainment Enterprises plummeted 15% following reports that the Securities and Exchange Board of India (SEBI) found a $241 million accounting issue in the company's finances. SEBI's preliminary findings reveal that the amount had been diverted out of Zee's books, prompting the regulator to question Zee's promoters. However, Zee issued a statement denying the reports and asserting that the accounting issues were incorrect and false. Zee's stock price fell by 10% on the day of the report and has dropped nearly 18% since Sony terminated the merger deal with Zee on January 22.

Subhash Chandra not cooperating with probe: SEBI

Thehindubusinessline

Thehindubusinessline · 1y ago

Subhash Chandra not cooperating with probe: SEBI

Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd, is allegedly not cooperating with an investigation by the Securities and Exchanges Board of India (SEBI) into the alleged diversion of funds from Zee Entertainment Enterprises. SEBI claims to have made efforts to engage with Chandra, but has received delayed responses and promises of cooperation. Chandra's legal counsel denies these allegations and has referred to a previous ruling that addressed the issues at hand. SEBI recently uncovered a financial discrepancy of over $240 million in Zee Entertainment's accounts, which the company denies. The matter is ongoing.

Atul Das moves on from Zee, Mangesh Kulkarni named business head

Livemint

Livemint · 1y ago

Atul Das moves on from Zee, Mangesh Kulkarni named business head

Atul Das, the chief revenue officer of Zee Entertainment Enterprises Ltd, has resigned from his position. Anil Malhotra, former chief operating officer at SITI Networks Ltd, will replace him. Mangesh Kulkarni, previously business head of Marathi Films at Zee Studios, has been appointed as the new business head of Zee TV. These changes are part of a new organizational framework approved by Zee's board of directors, which aims to enhance synergies across various business segments. Punit Goenka, the managing director and CEO, will take direct oversight of the domestic broadcast business.

Zee withdraws merger application against Sony at NCLT

Thehindubusinessline

Thehindubusinessline · 1y ago

Zee withdraws merger application against Sony at NCLT

Zee has decided to withdraw its merger implementation application against Sony, which was filed with the National Company Law Tribunal (NCLT). The company received advice from legal experts and decided to withdraw the application, allowing them to focus on growth and strategic opportunities. Zee will continue its arbitration against Sony at the Singapore International Arbitration Centre (SIAC) to claim damages. The board remains committed to maximizing shareholder value and exploring strategic opportunities for the company.

InMobi to lay off 125 employees in operations rejig

Economic Times

Economic Times · 1y ago

InMobi to lay off 125 employees in operations rejig

InMobi, a mobile advertising and technology company, is planning to lay off 125 employees as part of its operations restructuring. The move comes as the company aims to streamline its operations and improve overall efficiency. The layoffs are expected to impact various teams within the organization. This restructuring is seen as a strategic decision by InMobi to align its workforce with its business goals in the evolving technology landscape.

Freshworks Board Approves Stock Buyback Worth $400 Mn

Inc42 · 9m ago

Freshworks Board Approves Stock Buyback Worth $400 Mn

Freshworks, a SaaS company, has announced a share buyback initiative and has reduced its net loss by 3.5% in Q3 2024 compared to the same period last year. The company has also implemented a restructuring plan which will result in a 13% reduction in its global workforce, impacting around 660 employees.

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