Zee Entertainment forms committee to review business performance
Zee Entertainment Enterprises has formed a committee that reviewed its management's business performance and provided guidance, the beleaguered broadcaster said on Tuesday.
Businesses identified by the committee that need to «substantially» reduce losses include Zee's television channel 'Zindagi', the company's English cluster of linear TV business, and server technology company Margo Networks.
The move comes after Zee has had entertainment deals fizzle out in recent months, with a $10 billion merger with the Indian unit of Japan's Sony scrapped and a $1.4 billion cricket broadcasting agreement with the Walt Disney -owned Star India that Zee quit.
The committee has also advised that Zee's management reduce expenditure at its Bengaluru-based Technology and Innovation Centre by 50% for fiscal 2025, the company said.
Expenses at the facility in the last year stood at Rs 600 crore ($72.1 million), Zee said.
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