Zee CEO Goyal steps down

MUMBAI: Subhash Chandra, Zee's founder, would now directly lead a core team of managers. The core team will include one director each for Zee TV, the regional language channels, Zee music and Zee Cinema, Zee News, ETC and the English-language channels Zee MGM and Zee English.

According to newspaper reports, Goyal had tried revamping programming on the network's flagship channel Zee TV in August last year, just three months after he took charge, with a splash of new shows and a massive promotional blitz.

In a desperate move to bring back the audience to the channel, Zee announced recently and under Goyal's leadership that it would air newly released films, some still running in theatres, on its flagship Zee TV once a week.

"The multi-pillar strategy responds to the recognition of increasing fragmentation of viewership and the market relevance of focused channels," he said in the statement.

"We believe that, like in the United States, the national channels would provide a backbone while region and segment specific programming will become stronger and stronger," he said.

Zee's shares, which closed at 81.70 rupees at the Bombay Stock Exchange on Monday, have lost more than 51 percent since the start of the current financial year, which began in April.

Zee said in August the partnership was unlikely to happen in a hurry.