Indian broadcaster Zee Entertainment said on Friday it is cutting 15% of its workforce in its latest bid to trim costs.
The job cuts could affect nearly 700 employees at the company, which had a total headcount of 4,577 employees, according to its latest annual report.
This is part of Zee's move to substantially cut costs and reduce losses in its business, including its English TV channels, to meet a key profit target, as mandated by a company-formed review panel.
Zee has had two major deals fail in January - a $10 billion merger with Sony India and a $1.4 billion cricket broadcasting deal with Walt Disney.
Earlier this week, Zee Chief Executive Punit Goenka took a 20% pay cut, while the company made cuts in the workforce at its Technology & Innovation Centre in Bengaluru on March 29.
Goenka on Friday also proposed restructuring the company to focus its business on broadcast, digital, movies and music.
