Zee News Crisis: CEO Terminated, Mass Resignations And Growing Financial Woes (image/zeemedia.in/channels)
Only a year after his promotion, Zee Media Corporation terminated its Chief Executive Officer (CEO), Abhay Ojha, effective May 4. Pradeep Bhandari, host of shows like 24 Ki Sarkar, Aapka Sawal, and Taal Thok Ke, announced his resignation on X (former Twitter) on May 8. Prior to Ojha, Zee Media’s chief legal manager, Piyush Choudhary, gave his resignation in April. Consulting editor and anchor Deepak Chaurasia quit the channel in March, and before him, Rajnish Ahuja stepped down from his position as editor in February.
Interestingly, a day before Ojha’s termination, Zee News founder Subash Chandra called it unfortunate that India ranked low (159) among 180 countries in press freedom. He said, “I assure you that we will do our best to ensure that real news reaches your home, your mobile, everywhere,” as quoted by Newslaundry.
With back-to-back resignations and terminations of renowned journalists from the news organization, one wonders what is going on at Zee News.
If rumours are to believed, Zee banned live broadcasts of PM Modi’s speeches which allegedly contributed to Ojha’s exit. Chandra also posted a cryptic tweet two days after PM Modi’s speech, about a Raavan’s fall due to his “arrogance.”
Saw the play ‘Mere Ram’ a powerful line by dying Ravan “मेरे पतन का कारण मुझे अपने ज्ञान का अहंकार था और राम को अहंकार का ज्ञान था” हमे इसे समझ कर अपने व्यवहार में बदलाव करने में ही लाभ है। जय भारत
— Subhash Chandra (@subhashchandra) May 5, 2024
Over the past few months, Zee News has been undergoing a financial crunch that has only been deteriorating since September 2021. As a result, several staff members were being laid off across its editorial team, including WION, Zee Uttar Pradesh, Zee-Bihar-Jharkhand, and its digital wing, reported Newslaundry.
In its report published in April, Newslaundry stated that over 75 reporters were made to resign as part of its “cost-cutting” approach. The exact number of layoffs remains uncertain. The news channel has been experiencing massive losses. In FY 2021-22, it reported one of the worst years in the last ten years, with losses amounting to Rs 118 crore. From December 2022-23, the losses went from Rs 19 crore to Rs 36 crore, while the revenue dropped to Rs 167 crore from Rs 171 crore.
Zee Media runs 14 news channels in seven different languages. The channel lost its two primetime anchors, Sudhir Chaudhary (now in Aaj Tak) and Aditi Tyagi.
Since October last year, salaries began to be delayed, with many not receiving incentives for that year, reported Newslaundry. Zee News has been receiving low TRP, claimed a reporter who was told to resign by the news agency.
Notably, a mega-merger deal to create a $10 billion media giant failed after Sony Group Corp. officially withdrew from the agreement to merge with Zee Entertainment Enterprises. Sony sent a termination letter to Zee for not abiding by the merger conditions and sought $90 million in break-up fees. Zee denied the accusations of breaching the deal.
SONY CALLS OFF MERGER DEAL WITH ZEE: REPORT
The interim CEO is Idris Loya, former chief technology and innovation officer at Essel Group, also known as Zee Group. Loya has worked with firms such as Sony Electronics (Singapore), Pte. Ltd., New Delhi Liasion Office, Navtech/Jwlrai Pte. Ltd., Samtek Semicon Devices, and more.
