Upheaval at ZEE Entertainment Enterprises Ltd is likely to be continuing with the possible departure of another leader – Punit Misra, who is President – Content and International Markets at ZEEL. Multiple sources that Storyboard18 spoke to said Misra is likely to leave the company. Misra, however, hasn’t confirmed the development.
As the President, Misra oversees content for both the TV network of ZEE as well as its digital offering ZEE5, both domestically and globally. He also manages ZEEL’s international business spanning 190 countries.
On April 2, ZEEL’s MD and CEO, Punit Goenka announced his decision to implement a 20 percent reduction in his personal remuneration.
“Frugality, Optimization and a Sharp Focus on Quality Content”, said Goenka, are the three key tenets of the plan implemented to drive the Company to the targeted goals. Goenka’s voluntary salary cut was in line with this approach, he said.
Goenka added, “The organization is sharply focused on adopting a frugal approach, as we move forward towards the set goals for the future. While I am in the process of implementing the required steps and actions across all the verticals of the Company, I intend the required change in mindset, to begin from my desk. It is imperative to adapt as per the situation and at this point in time, ‘Accountability & Agility’ is the need of the hour. Each and every employee of ZEE, works and functions with an entrepreneurial approach, as a partner and a co-owner of the Company. It is this DNA of the institution, that will enable us to achieve the set targets. I must add that this voluntary decision is limited to me on a personal front.”
Following the collapse of the ZEE-Sony merger in January 2024, the company initiated a streamlining strategy that included cost cutting measures. At the end of March 2024, ZEE implemented strategic steps to streamline and overhaul its Technology & Innovation Centre (TIC). The company cut the TIC’s structure by approximately 50 percent. More layoffs are likely, according sources who spoke to Storyboard18 on the condition of anonymity.
ZEEL’s leadership too has seen significant changes. On March 9, ZEE made strategic changes in the revenue vertical of the broadcast business. Ashish Sehgal, chief growth officer, advertisement revenue, was made to directly report into Goenka and Rahul Johri resigned. In his three-year stint at ZEE, Johri had led the revenue and monetization vertical.
Now, Punit Misra is likely to be on his way out, according to sources familiar with the matter. Storyboard18 reached out to ZEE and Misra for an official comment. While ZEE denied it, Misra had not responded to Storyboard18’s queries at the time of this writing. The article will be updated after we receive official comments from both.
Misra joined ZEEL as the CEO of its domestic broadcast business in August 2016. In a 2020 leadership restructure in line with the ‘ZEE 4.0 Strategy’, Rahul Johri was made President – Business, South Asia with the mandate to lead the integrated Revenue and Monetisation team, and Misra became the President – Content and International Markets at ZEEL.
Prior to joining ZEEL, Misra spent 20 years at Hindustan Unilever Limited, where in his last role he was part of the Management Committee of HUL, as the Executive Director in charge of Sales and Customer Development for the company, and a member of the global Sales Leadership team of Unilever.