ZEE MD PUNIT GOENKA
Zee chief Punit Goenka acquires majority stake in Maverick Media in his personal capacity
Zee Entertainment MD & CEO, Punit Goenka, has personally acquired a majority stake in Maverick Media. Financial details were not disclosed. Goenka aims to revive single-screen theaters in tier II and III cities, enhancing cinema infrastructure. Maverick Media, promoted by Vistaar Entertainment, focuses on expanding the large-screen cinema experience across India.
ZEE MD & CEO Goenka acquires majority stake in Maverick Media in personal capacity
Punit Goenka's investment in Maverick Media aims to revive single-screen cinemas in underserved tier II and tier III cities across India. Goenka emphasised the immense potential of these markets and the importance of reviving this infrastructure to expand the reach of cinema.
Zee Ent's Punit Goenka proposes lean organization structure; initiates rationalization of workforce by 15%
Punit Goenka proposed a lean management structure for Zee Entertainment Enterprises, focusing on speed and agility. He also initiated a 15% workforce rationalization process to prune staff strength and create a streamlined team focused on future goals.
Investors will take final call on Zee leadership: Punit Goenka
Goenka, who is part of the promoter family that holds a 4% stake, is the longest-serving CEO of Zee. In 2019, Goenka was reappointed as the MD and CEO of the entertainment giant, beginning January 2020. The Securities and Exchange Board of India is investigating Goenka and his father, Subhash Chandra, for allegedly diverting the entertainment company's funds to promoter-owned firms.
Zee to cut workforce by 15% to reduce costs
Zee had recently fired 50% of its staff at the Technology & Innovation Centre (TIC) in Bengaluru. The company, which incurred an expenditure of ₹600 crore on TIC, aims to cut down its expenses by 50%.
ZEE MD & CEO Punit Goenka takes voluntary 20% pay cut in cost-cutting drive
ZEE Entertainment's CEO, Punit Goenka, announced a 20% reduction in his remuneration, aligning with the company's focus on frugality, optimization, and quality content. In FY23, Goenka received Rs 35 crore in remuneration, following Rs 41.1 crore in FY22 and Rs 13 crore in FY21. The company, under Goenka's leadership, is prioritizing cost-cutting and productivity enhancement.
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Zee slashes staff count at tech centre by half
ZEE optimises costs by terminating 50% TIC staff in Bengaluru, focusing on content enhancement and 20% operating margin goal. Management targets loss reduction from various verticals like Margo Networks, Teleplay & Zindagi, and Hipi.
Zee Entertainment should focus on cost cuts, struggling businesses in profit pursuit, panel says
The move - coming on the heels of a failed $10 billion merger with Sony India and the collapse of a $1.4 billion cricket broadcasting deal over a missed payment - is aimed at helping the loss-making company hit key performance targets, Zee said. That includes a 20% earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin target proposed by CEO Punit Goenka, Zee said.
Zee working on risk mitigation, business continuity: R Gopalan, Chairman
Responding to a question about the likelihood of an adverse Sebi ruling against Zee CEO Punit Goenka and whether the company has a succession plan in place to deal with this situation, Gopalan said that succession planning in a large company like Zee is a natural step in the functioning of the board, notwithstanding the external factors.
ZEE president and group chief technology officer Nitin Mittal resigns
The board has decided to closely monitor the business model and plan presented by the MD & CEO of the company, wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA.
Zee’s TV revenue vertical to report directly to CEO Punit Goenka
Zee Entertainment's CEO Punit Goenka has implemented strategic changes in the revenue vertical of the broadcast business. Ashish Sehgal will now report directly to Goenka after Rahul Johri resigned as revenue and monetisation vertical head.
Zee Entertainment revenue head Rahul Johri quits in organisational restructuring
Rahul Johri, President Revenue of Zee Entertainment Enterprises, has resigned as the company implements strategic changes. Punit Goenka, MD and CEO, will now oversee the revenue teams directly, with Ashish Sehgal, Chief Growth Officer for Ad Revenue, reporting to him. Other team members previously reporting to Johri will now report to Goenka. Johri joined Zee in 2020 after leaving BCCI. Goenka expressed gratitude for Johri's contributions and highlighted plans to drive growth in advertisement revenue. Johri expressed appreciation for his time at Zee and aims to continue contributing to the sports and media industry.
Sony deal in past; Zee focus now on future, rebuilding business: Punit Goenka, MD & Chief Executive, Zee
Any asset failing to generate profit will be divested from the media company’s portfolio, Goenka said. He also spoke of the challenges facing Zee after the merger failure, impact of the Reliance-Disney merger on the industry, Sebi’s allegations of fund diversion, and his ambitious turnaround plan.
View: Sony’s spurned target shows the pitfalls of tempting Indian M&A
Sony Group Corp. narrowly escapes a risky $10 billion Indian merger after legal intervention, leaving target Zee Entertainment Enterprises Ltd. in dire straits amid mounting legal woes. The saga underscores caution for foreign investors in Indian deals. Zee's financial woes deepen as Sony's retreat prompts uncertainty, leaving room for new suitors like Adani, but with hurdles to clear.
Sebi set to question ZEE top brass including Subhash Chandra and Punit Goenka on 'fund diversion'
ZEE shares tumbled 14.8% on the BSE on Wednesday to close at Rs 164.50 apiece, after Bloomberg reported Sebi had found that about $241 million (Rs 2,000 crore) might have been diverted by the company promoters. This has added to the steep decline in the ZEE share price after Sony Group scrapped a $10-billion merger plan involving its India business. A key factor for the collapse of the deal was the Sebi finding.
Zee, Sony huddle in dramatic twist to salvage merger
Zee Entertainment Enterprises has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger. Major differences and disagreements over terms and conditions persist, and the outcome remains uncertain.
Zee to review its entire business portfolio after Sony calls off merger plans
The exercise is aimed at identifying businesses that generate maximum value and those that need to be focused on, Punit Goenka, managing director and chief executive, Zee said during an analysts' call to discuss December quarter earnings.
Zee-Sony Tussle: The test of arbitration law
Zee-Sony Deal: The broken Zee Entertainment - Sony Group merger plan has led to intriguing developments on the legal front. Japan's Sony invoked the arbitration clause and sought $90 million from Zee for breach of the merger agreement. Zee, on the other hand, approached the National Company Law Tribunal seeking an order for Sony to merge as approved by the Tribunal. These actions are creating more complexities in the deal, but they can lay the grounds for a solid legal framework for dispute settlement.
Zee will sue Sony; promoter family to hike holding in Zee by 5 per cent, says Subhash Chandra
Punit Goenka and the family collectively decided he should step aside, and the merger should proceed because it was beneficial for Zee. This decision was communicated to Sony. It wasn't acceptable to Sony. I believe this was Sony's strategy all along: To engage with Zee and eventually withdraw, portraying Zee as vulnerable. I intend to convey this perspective to the Zee board as well, says Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises.
Zee-Sony merger failure a headache for Punit Goenka as a familiar threat looms
After the termination of merger agreement with Sony Pictures, Zee Entertainment faces a new threat thanks to its low promoter holding. A low promoter holding could expose the company to a hostile takeover risk, especially if institutional investors seek an exit. The company witnessed similar worries back when Invesco raised concerns.
Zee boss Punit Goenka gives pep talk to staff after collapse of Sony deal
Zee Entertainment Enterprises and Culver Max Entertainment have contacted employees to address concerns following the collapse of their merger agreement. Zee Entertainment managing director Punit Goenka assured employees that there will be no job losses and called for Zee to become the top media company in India.
Zee needs strategy shift to survive after Sony merger plan crumbles
A Zee-Sony India merger would have created a media powerhouse in the world's most populous nation with 90-plus channels across sports, entertainment and news segments, which, India's antitrust body at one time said could have "un-paralleled bargaining power" when backed by Sony's global reach.
A game of bluff scuttled Sony-Zee’s plans to create $10 billion media giant
Sony Group Corp.'s lawyers were surprised when Zee Enterprises Entertainment Ltd. requested a 'hold harmless' clause for its CEO, Punit Goenka, during the merger negotiations to create a $10 billion Indian entertainment giant. Goenka was worried that Sony would start a witch hunt against him after the merger. The deal eventually fell through, highlighting the challenges faced by foreign companies in the Indian entertainment market. The collapse of the deal gives an advantage to the potential combination of Walt Disney Co. and Reliance Industries Ltd., creating India's largest entertainment company.
Sebi queries ZEEL ex-directors; shareholders weigh options
A number of domestic and overseas institutional shareholders in ZEEL are also in discussions backchannel to coordinate on future course of action, multiple people involved in the discussions said. Large domestic institutions are also engaging with one proxy advisory firm to explore a common course of action that might be palatable to a broader base of investors.
End of Zee-Sony deal may trigger a spate of legal wranglings
On Monday, Zee informed stock exchanges that Sony Group companies Culver Max Entertainment and Bangla Entertainment terminated the merger co-operation agreement and invoked arbitration to get several reliefs.
What's next for Zee Entertainment, promoter family, and Punit Goenka
Zee Entertainment Enterprises CEO & MD Punit Goenka and the promoter family can continue to call the shots with a tiny equity stake. Financial institutions may wait for Goenka to find a 'white knight' and for Sebi's final report and court decision. Depromoterisation is voluntary, but the promoters and CEO of Zee want to continue. Shareholders rarely push for change due to a lack of activism in the corporate landscape.
In Ayodhya, Zee boss Punit Goenka dubs Sony deal termination as 'a sign from the Lord'
Sony Group Corp on Monday said it is calling off a USD 10 billion merger of its India unit with Zee Entertainment, following a stalemate over who will lead the merged entity. A standoff over leadership is said to be the reason for the deal being called off. Sony had resisted demand by Zee chief executive Punit Goenka, who was investigated by market regulator SEBI over fraud allegations, to stay on after the merger.
Zee-Sony Merger: Fate on creation of $10 bn media giant likely to be decided today
People close to Sony said the multinational has offered Punit Goenka the role of advisor at the new company, but said he should not be on the board, pending regulatory investigations. As of now, Goenka as boss of new merged co, failing financial health, unmet conditions are being seen as key hurdles to the deal going through.
Zee shares rally 7% on report Punit Goenka offers to step down to seal Sony merger deal
The dialogues are going on between Zee Entertainment and Sony Group with respect to the completion of the deal ahead of the expiry of the 1-month grace period that both parties had agreed to, ET NOW reported, quoting sources.
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