ZEE Entertainment Enterprises Ltd (ZEEL) CEO Punit Goenka has said that domestic investors’ trust has grown in the company as it is the only homegrown broadcaster in India. “Other players in the industry have come from foreign markets… We have erected the business from the ground,” said Goenka in an exclusive interaction with Zee Business Managing Editor Anil Singhvi. Goenka spoke at length about a number of topics, ranging from his vision for his company and challenges related to the Sony merger to his role as CEO.
“I have never worked only for my shareholding in the company… The real thrill is in creating content, telling stories, and nothing else,” said Goenka, who stepped down as managing director of ZEEL last year to focus entirely on his operational responsibilities as CEO. Goenka said he would dedicate his time for the future of the company while boosting its performance.
“The entire credit of my leadership goes to my team,” said Goenka.
Here are key takeaways from Goenka’s exclusive interaction with Zee Business:
What changed for Goenka after giving up directorship at ZEEL?
“Nothing has changed at all… We are working in the same way as before,” Goenka told Singhvi, adding that the entire team continues to report to him.
According to Goenka, the only change is that he has stepped down as a board member, a move that actually simplifies his role by reducing the compliance requirements. “Now (as CEO), my entire focus is on business,” said Goenka.
The team is performing better today because of the focus that this change has brought, said Goenka, highlighting that the company has leapt to 16.1 per cent profit in December 2024 from 10.2 per cent a year ago.
Is the Sony merger or any such deal still an option for ZEEL?
Goenka said that ZEE will surely discuss any such proposal, whether from Sony or any other company.
The only thing that matters is that such a deal is in the interests of the company, its shareholders, and its employees, said Goenka.
In August, ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India said they had settled a six-month-long dispute between them related to a failed $10-billion merger between them. Both sides said they had agreed to withdraw all claims against each other.
How will ZEEL enhance its profitability?
It has taken ZEEL about 6-7 months to optimise its costs, which had risen significantly due to the merger plan, Goenka told Singhvi.
“We are focused on growth now… We have three pillars of growth: content, content monetisation, and frugality,” said the ZEEL CEO.
What ZEEL thinks of competition?
“There has always been competition in the industry… Content, content monetization and frugality (the three pillars) are the answer to competition,” said Goenka.
The right content at the right cost is the key to attracting the consumer, said the CEO.
How does ZEEL plan to tackle the evolving market environment?
Goenka gave a straightforward answer to this: “Whether through TV or OTT, every possible effort to reach the consumer is ZEEL’s motto.”
Will promoters increase their holding in ZEEL?
As of December 2024, the promoter group holds 3.99 per cent in Zee Entertainment Enterprises.
The company’s promoters intend to increase their stake and are currently exploring options to do so, according to Goenka.
However, the promoter shareholding is an internal matter for the company, he added.
How does ZEEL deal with questions about corporate governance?
The company has taken a number of steps towards strengthening corporate governance, said Goenka. “I believe perhaps nobody in the industry goes to the extent when it comes to ensuring compliance the way we do… The board has only independent directors,” he said.
There has been no complaint in this regard since 2018-19, said Goenka.
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