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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.

Related News

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.

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.

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.

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-Sony merger teeters on the brink of collapse

Livemint

Livemint · 1y ago

Zee-Sony merger teeters on the brink of collapse

The $10 billion merger between Sony Pictures’ India business and Zee Entertainment Enterprises is at risk of collapsing as Sony refuses to extend the deadline unless Zee CEO, Punit Goenka, agrees not to hold the same position in the merged company. The merger, which would create an entertainment giant with over 28% market share, has faced delays and controversies over the appointment of a CEO. Zee had requested more time to complete the merger, but Sony is firm on its decision. If the deal falls through, it could have negative implications for the shareholders and control of Zee.

Zee CTO Nitin Mittal quits as company streamlines tech vertical

Livemint

Livemint · 1y ago

Zee CTO Nitin Mittal quits as company streamlines tech vertical

Zee Entertainment Enterprises Ltd has announced the resignation of its President and Group Chief Technology Officer, Nitin Mittal. This comes amidst strategic changes in the technology and data vertical by the company's managing director and CEO, Punit Goenka. The resignation follows Rahul Johri, the president of business, who also recently quit the company. Zee Entertainment is implementing a new structure to focus on accountability, results, and cost-effectiveness. The company aims to enhance its return on investments and recover margins through cost-cutting, reducing overlaps, and improving quality.

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.

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.

We’ll lift Zee stake to 26%; no plan to raise external funds: Subhash Chandra

Livemint

Livemint · 1y ago

We’ll lift Zee stake to 26%; no plan to raise external funds: Subhash Chandra

Zee Entertainment, the Indian media giant, is facing pressure to remove its promoter family following a failed merger with Sony Pictures. Founder Subhash Chandra has voiced support for his son, Punit Goenka, as the right person to lead the company, and aims to increase the family's stake in Zee from 4% to 26%. Chandra stated that Zee is a profitable, zero-debt company and urged shareholders to be patient. He also revealed plans for the promoter family to raise their shareholding in Zee without raising external funds.

SEBI to question Zee's top management over fund diversion allegations

Livemint

Livemint · 1y ago

SEBI to question Zee's top management over fund diversion allegations

The Securities and Exchange Board of India (SEBI) is investigating Zee Entertainment Enterprises over allegations of fund diversion. SEBI is set to question the top management of the company, including founder Subhash Chandra, CEO Punit Goenka, and the CFO, regarding these allegations. The regulator aims to conclude its investigation by mid-April. Zee Entertainment refuted the allegations and stated that the reports of accounting issues are false. This investigation follows a decline in Zee's share price and the cancellation of a merger deal with Sony Group.

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