Punit Misra, head of content and worldwide markets at Zee Entertainment Enterprises Ltd, has resigned, marking the latest in a string of recent senior departures from the corporation.
Punit Misra, the president of programming and worldwide markets at Zee Entertainment Enterprises Ltd (ZEEL), has left the firm. During his tenure, Misra played an important role in managing content for Zee’s linear television networks and digital platform, ZEE5, which served both domestic and foreign audiences. He also led the company’s global business activities.
Misra was in charge of overseeing content on ZEE’s television network and its internet platform, ZEE5, both domestically and internationally. He also handled ZEEL’s international business, which included a presence in 190 countries.
Zee, which is apparently aiming to cut costs and consolidate verticals, has lost a number of key executives in recent weeks, including Rahul Johri, president, business, and Nitin Mittal, president and group chief technology officer.
Following the breakdown of its merger with Sony Pictures Entertainment, the company announced in a recent earnings call that it is taking a three-pronged approach to regaining margins: cutting expenses, minimizing business overlaps, and improving quality.
“In the future, there will be a stronger emphasis on frugality, as well as a clear focus on quality and productivity. Across verticals, including technology, content, and marketing, we are taking initiatives to optimize spending and increase return on investment. Punit Goenka, managing director and CEO of Zee Entertainment Enterprises, stated that a proper recalibration of the OTT cost structure will be an important component of this process.
He also stated that the company’s goal is to improve synergies and decrease business overlap.
“On the income side, we will take initiatives to boost value delivery to our advertisers while also investigating alternate content monetization opportunities. “This includes leveraging the strength and reach of our platforms,” Goenka stated.
Sony Pictures Entertainment finally dissolved its merger agreement with Zee Entertainment in January, following months of controversy over the choice of the merged entity’s CEO.
Goenka noted that margin improvements are likely to be reflected in earnings beginning in the second half of fiscal year 2025. By FY26, the company expects to have an earnings before interest, taxes, depreciation, and amortization (Ebitda) margin of 18% to 20%.
In Q3 FY24, Zee’s net profit decreased by 6.4% to ₹53.4 crore from the previous year. In the December quarter, operating revenue was ₹2,045.7 crore, up from ₹2,108.8 crore in the previous year.
