ZEE Entertainment Enterprises Ltd has given Umesh Bansal additional responsibility for the music business while retaining his role as chief business officer of the movie business. Bansal will continue to report to managing director and chief executive Punit Goenka.
The move aligns with the company’s resource optimization strategy, aiming to synergize the movies and music businesses for growth, according to a statement on Monday.
Anurag Bedi, previously leading the music business, will be assigned new responsibilities soon, Zee said.
“The movies business continues to play a strategic part in the company’s portfolio, while the music business aims to fortify its stronghold in the market and further enhance its monetization avenues through the prism of profitability,” according to the statement.
“The company aims to derive the synergistic benefits between the businesses to enhance the profitability levels, in line with its strategic priorities centred on frugality, optimization and a sharp focus on quality content.”
Over the past few months, Zee has seen a series of senior-level exits, including Rahul Johri, president of business; Punit Misra, president of content and international markets; Nitin Mittal, president and group chief technology officer; and Shariq Patel, chief business officer, Zee Studios.
In February, Zee had said it was charting a three-pronged approach—cutting costs, reducing overlaps between businesses, and enhancing quality to regain margins—after its merger with Sony Pictures Entertainment collapsed.The company reported a net profit of ₹13.35 crore for the quarter ended March, compared with a loss of ₹196 crore in the corresponding period last year. Total income increased by 3% to ₹2,185 crore.
Last month, the board of Zee granted in-principle approval to raise up to ₹2,000 crore through the issuance of equity shares or other eligible securities. The fundraising will be conducted in one or more tranches.
The fundraising plan by Zee comes ahead of an anticipated outcome of an ongoing probe by markets regulator on Zee’s promoters over an alleged ₹200 crore fund diversion from the company to other promoter group entities.