The decision was made by the managing director and chief executive officer Punit Goenka, the company said in a release.
The committee, comprising company chairman R. Gopalan and audit committee chairman Prakash Agarwal, had suggested that Zee should substantially reduce losses in its businesses, including its English-language TV channels, and cut costs in other areas to meet a key profit target, the company said on Tuesday.
The committee also recommended reducing expenses at Zee’s technology and innovation center by half in fiscal 2025, compared to the previous year’s 6 billion rupees ($72 million), the company stated.
Additionally, Zee is facing challenges from ongoing legal disputes related to unsuccessful deals with Sony and cricket, as well as heightened competition following the merger of Disney and Reliance’s Indian media assets, forming an $8.5 billion media giant..
(With agency inputs)
