CEO Punit Goenka bats for Zee 4.0 vision, as boardroom tussle rages on

Goenka addressed the shareholders at the 39th AGM of ZEEL on Tuesday

New Delhi: Zee Entertainment Enterprises Ltd (ZEEL) is gearing up for a boardroom tussle with two of its big investors demanding the removal of its top management. Amid all this, CEO Punit Goenka took the stage at the company 39th Annual General Meeting (AGM) to address the shareholders and highlight the efforts taken by the management over the past year to transform the organisation into the Zee 4.0 version.

“The last financial year has been a dynamic one for us, a year where we started afresh, starting a brand new chapter in our book,” said Goenka at the 39th AGM held on Tuesday.

The meeting comes after two of the company’s top investors - Invesco Developing Markets Fund and OFI Global China Fund LLC - who together hold up to 18 percent of the stake demanded the removal of Punit Goenka, Manish Chokhani, and Ashok Kurien as directors in an Extraordinary General Meeting (EGM). Both Chokhani and Kurein submitted their resignations as non-executive non-independent directors of the firm ahead of the meeting.

Discussing the year gone by, Goenka said the financial year 2021 was an unprecedented year on all counts. “There was a massive disruption in the first half, and ZEEL’s advertising revenues reduced by almost half," he added as reported by “There was a sharp rebound in the later part of the year, leading to a 6.8 percent growth in the second half. The subscription revenue saw comparable growth of 5.2 per cent during the year, primarily driven by sci fi.”

Elaborating on the plans to transform the organisation, Goenka told the shareholders that the Zee team is working on revamping the programming line-ups of the linear channel portfolio to bounce back in the key markets, and expand the broadcast portfolio with the launch of two new channels during the year. 

“The future roadmap for next three years is going to be driven through digital. The digital business has great promise for the future. It is growing multi-fold,” said Goenka talking about the renewed focus on the digital, with Zee5 scaling its content library and enhancing the customer experience.

“We are still in investment mode for our digital business and our film business. We enjoyed leadership in several of the markets that we operate in.”

However, in terms of verticals, he said, the linear business enjoys the maximum of popularity and profitability. "We also want to be the leading studio in films across six languages, and we will continue to increase our market share in the music category also,” he added.

Responding to the shareholders' concerns over the impact of the pandemic, ZEEL MD and CEO said Zee Studios bore the maximum brunt, due to the closure of malls and theaters across the country, and continues to face challenges. Zee Anmol also lost market share due to the lockdown restrictions. “The exceptional expenditure incurred in Q1 of FY22 was on account of relocation of shoots to alternate locations,” he added, noting that this will not be significantly higher in the coming quarters.

On repayment of funds from related parties, Goenka said that there have been no loans given to related parties from the company. "There have been business revenues that we collect from related parties like Siti Cable and Dish TV and other parties and the board monitors these recoveries very closely and the management is engaged with related parties for recovery of our overdues, if any."

Latest Reads
Hits and Hits Movies to debut in China in October

Mumbai: Rewind Networks has announced the launch of Hits and Hits Movies on Macau Cable TV, starting 1 October.  The channels will be available in HD format and with traditional Chinese subtitles on Macau Cable TV's basic bundle on channel 46 and channel 40 for Hits and Hits Movies respectively,...

Television TV Channels English Entertainment
Zee Hindustan concludes 'Udaan: Dare to Dream' event

Mumbai: In the last one and a half years, the Covid-19 pandemic completely shook the whole world, but some people gathered the strength in those bleak times and kept pushing to attain perfection in their respective fields. Zee Hindustan honoured the people who accelerated the country's economic...

Television TV Channels Regional
PR Satheesh elevated as CEO of MMTV

Mumbai: Malayala Manorama Television (MMTV) has elevated PR Satheesh to the role of chief executive officer. He was previously the chief operating officer and has been associated with the media organisation since July 2014. MMTV is a Malayalam news and infotainment channel catering to audiences in...

Television TV Channels Regional
Brands align their festive calendar as IPL 14 resumes

The 14th edition of the Indian Premier League (IPL) 14 finally resumed on Sunday with Chennai Super Kings (CSK) beating Mumbai Indians (MI) in the first match. The cricket bonanza, which got suspended mid-way in May due to the second wave of Covid has returned to the United Arab Emirates (UAE) yet...

Television TV Channels Sports
SAP, TV9 Network join hands to empower and celebrate India's SMEs

Mumbai: After the stupendous success of the 'Leaders of Global Bharat' series that aimed at empowering Indian SMEs hit hard by pandemic-induced lockdowns last year, TV9 Network and SAP India have again joined hands to forge two pioneering initiatives to help homegrown businesses rise and shine in...

Television TV Channels News Broadcasting
ET Now concludes the 9th season of Leaders of Tomorrow Awards and Conclave

ET Now has recently concluded the ninth season of 'Leaders of Tomorrow Awards and Conclave' which celebrates the success stories of India’s most innovative and resilient MSMEs and start-ups. This year's event was driven by the theme ’Survive. Revive. Thrive’.

Television TV Channels News Broadcasting
News18 Assam-North East launches 'Rising Sports: Shining Northeast' campaign

Mumbai: News18 Assam-North East has announced the launch of its special campaign titled 'Rising Sports: Shining Northeast' to raise awareness about the immense contribution of people of the northeast in the sports arena.  PM Narendra Modi had once mentioned that Manipur was the powerhouse of...

Television TV Channels Regional
News18 HSM's 'Hindi Ke Samrat' contest receives overwhelming response

Mumbai: On the occasion of 'Hindi Diwas', News18 HSM network organised a unique and engaging activity. In an effort to promote a connect with Hindi, the network rolled out 'Hindi Ke Samrat' contest, which ran on News18 India, News18 Rajasthan, News18 Madhya Pradesh/Chhattisgarh, News18 Bihar/...

Television TV Channels Regional
SAB Group partners with DistroTV to expand global footprint

Mumbai: Media and entertainment company Sri Adhikari Brothers (SAB) Group has partnered with California-based media technology company DistroScale to expand its footprint across the globe. DistroTV is an independent free ad-supported streaming television (FAST) platform and is available...

Television TV Channels GECs

Sign up for our Newsletter

subscribe for latest stories

* indicates required