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Zee restructures technology centre team, prunes expenses by half
Livemint
·
1y ago
Medial
Zee Entertainment Enterprises is revamping its technology and innovation centre, which includes reducing expenses and restructuring its team. This move is in line with the company's approach to optimize resources and drive growth in a cost-effective manner. The centre will now focus on enhancing content creation, distribution, and monetization through the use of technology-led tools. Additionally, the company has established a management oversight panel to guide the team and review business performance. The panel has advised a 50% reduction in expenses for the technology and innovation centre.
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Zee lays off 50% of its workforce at tech centre in Bengaluru
Thehindubusinessline
·
1y ago
Medial
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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Zee Entertainment fires 50% of its workforce at tech centre in Bengaluru
IndianStartupNews
·
1y ago
Medial
Zee Entertainment Enterprises Ltd (ZEEL) is laying off half of its workforce at its Technology and Innovation Centre (TIC) in Bengaluru. The move comes after the collapse of a potential merger with Sony Pictures Entertainment and is part of ZEEL's strategy to streamline operations and improve financial efficiency. The company is focusing on cost reduction, minimizing business overlap, and enhancing content quality. ZEEL aims to leverage technology, including AI and ML, to enhance content creation, distribution, and monetization. The company has also undergone leadership and organizational restructuring.
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Zee approaches NCLT, SIAC after Sony terminates $10 billion merger deal
Livemint
·
1y ago
Medial
Zee Entertainment has approached the National Company Law Tribunal (NCLT) and the Singapore International Arbitration Centre (SIAC) after Sony terminated the $10 billion merger deal. The move comes after Sony invoked the force majeure clause due to the impact of the COVID-19 pandemic. Zee is seeking compensation for the damages caused by the termination of the deal.
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Zee claims ₹700 crore in costs from Sony for fulfilling merger conditions
Thehindubusinessline
·
1y ago
Medial
According to legal documents, Zee Entertainment has incurred a cost of ₹700 crore to fulfill the merger conditions set by Sony. In response to Sony's termination notice, Zee plans to argue that it has incurred significant expenses, including divestments, settlement of claims, and discontinuing businesses as per Sony's instructions. Zee denies any material adverse effect in terms of the merger agreement and intends to counterclaim $90 million in damages from Sony. Zee will also argue that Sony was determined to terminate the agreement, regardless of Zee's actions.
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Singapore arbitrator quashes Sony's request to stop Zee approaching NCLT
Livemint
·
1y ago
Medial
The Singapore International Arbitration Centre has denied Sony's request to halt Zee Entertainment from approaching an Indian corporate court regarding their scrapped $10 billion merger. Sony and Zee called off their merger last month, with Sony accusing Zee of failing to meet merger agreement conditions. The emergency arbitrator in Singapore has allowed Zee to press its case against Sony's Indian units. Zee is seeking implementation of the merger plan, while Sony attempted to block it through emergency arbitration. Zee's shares have dropped 37% this year due to the failed merger.
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Byju's restructures businesses; consolidates verticals into two
Economic Times
·
1y ago
Medial
Edtech company Byju's has announced a restructuring, consolidating four verticals into two: K-10 and exam preparation. This comes amidst a series of crises for the company, including the resignation of key board members and the departure of senior executives. Byju's Chief Business Officer Prathyusha Agarwal, Mukut Deepak (Business Head for class 4 to 10), and Himanshu Bajaj (Head of Tuition Centers) have all resigned. US-based asset management firm Baron Capital Group recently slashed Byju's valuation by almost half due to various challenges the company has been facing.
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Zee gears up for legal battle against Sony
Livemint
·
1y ago
Medial
Zee Entertainment Enterprises has filed a case against Culver Max Entertainment (formerly Sony Pictures Networks India) at the National Company Law Tribunal. Zee is seeking directions to implement their merger and contesting Culver Max’s claims in arbitration proceedings before the Singapore International Arbitration Centre. The merger between the two media companies fell through when Sony accused Zee of breaching the terms of their agreement. Zee denies any breach and believes Culver Max is not entitled to terminate the agreement. The merger had received all necessary regulatory approvals but faced resistance from lenders.
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Zee-Sony merger: Deal gets delayed further
Livemint
·
1y ago
Medial
The Zee Entertainment-Sony Pictures merger is facing further delays, according to Sony. The merger, which was approved by NCLT in August 2023, was previously expected to close by the end of the first half of fiscal year 2023-2024. However, based on the latest progress, it is now expected to be completed in the coming months. Zee Entertainment Enterprises will be delisted from FTSE Global Equity indices following the merger and will be replaced by Culver Max Entertainment. The effective date of the merger and the final trading day of Zee Entertainment Enterprises are yet to be confirmed.
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Zee-Sony merger fallout: Zee can go to India tribunal to enforce merger deal
Livemint
·
1y ago
Medial
Zee Entertainment is now free to pursue the enforcement of a $10 billion merger deal with Sony's Indian unit through an Indian tribunal, after Sony's emergency petition to halt the merger was rejected by the Singapore International Arbitration Centre (SIAC). Sony had terminated the merger deal on January 22, alleging breaches of contract. Zee is now seeking an order from the Indian tribunal to compel Sony to fulfill its obligations. The proposed merger aimed to create one of India's largest TV broadcasters. Sony plans to contest the matter before a full SIAC tribunal.
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Zee withdraws merger application against Sony at NCLT
Thehindubusinessline
·
1y ago
Medial
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.
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