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On 22 January, Sony Group Corp., the Japanese parent of Sony Pictures Networks India (SPNI) and Bangla Entertainment Pvt. Ltd (BEPL), had announced the termination of the $10-billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.
The layoffs are expected to affect approximately 500 employees, of the total 3,437 permanent staff. The announcement comes within days of Goenka's decision to take a voluntary pay cut of 20%.
He worked as president – content and international Markets.
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%.
Bollywood and Indian entertainment channel Zee One has launched on streaming platform Rakuten TV in Germany, Austria and Switzerland. “I am thrilled and excited for the commencement of this new partnership, one that I have been eagerly anticipating. The launch of Zee One on Rakuten TV signifies our strategic targeting of the German audience that…