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Category: People

  • Murdoch loses family trust case in Nevada

    Murdoch loses family trust case in Nevada

    MUMBAI: This is one battle he lost but he says he intends to fight it. 93 year old media baron Rupert Murdoch is one tough guy. Even at his age.

    He wanted to change the family trust, which gave his  four children equal voting rights to his empire, so that control would vest in his eldest son Lachlan’s hands who shared his right wing political beliefs. But he lost the case over the weekend when a Reno-Nevada probate commissioner  ruled against him and said he was acting in bad faith, when he tried to change the terms of the irrevocable trust and leave Lachlan in charge. 

    Murdoch owns 40 per cent of the voting stock in both Fox Corp and News Corp through the trust.  Upon his death James, Elisabeth , Lachlan and Prudence were to share control  of the trust equally. But the old man  wanted to change the terms of the trust  and put Lachlan, the CEO of Fox and chairman of News Corp  fully in charge upon his death. This was something his other children were not inclined to.

    Hence, they took their father to court in Nevada which was a probate court and was not open to the public. Earlier, a probate commissioner had told Murdoch senior that he could change the terms if what he was attempting to do was in good faith and in the best interests of his heirs. Murdoch senior had argued that were his other three children – Prudence, James and Elisabeth – to have voting power, they  would lean towards making his news outlets moderate which would harm their prospects as it would alienate the hard right wingers who supported it. 

    But the trio did not buy into this as they felt they would be left out and took their father and brother to court in Nevada. A case they won, following which they are now saying they would like mend and heal family relationships. 

    However, the family feud does not seem to have ended as the elder Murdoch said he was going to appeal against the probate commissioner’s decision.

  • Gaurav Kanwal moves on from chief revenue officer post at Zee5

    Gaurav Kanwal moves on from chief revenue officer post at Zee5

    Mumbai: Even the steadiest hands must sometimes release the helm.

    In a surprising turn, Gaurav Kanwal, the chief revenue officer of Zee5, has stepped down, leaving behind a legacy of leadership at one of India’s premier digital entertainment platforms under Zee Entertainment Enterprises Ltd (ZEEL). While the reasons remain undisclosed, his departure marks the end of a significant chapter in Zee5’s journey, stirring curiosity and reflection across the industry.

    Prior to joining Zee5 in August 2021, Kanwal served as executive vice president of ad sales at Disney+ Hotstar, where he was responsible for identifying new avenues to drive ad revenue.

    Kanwal’s departure from Zee5 comes as the platform continues to strengthen its position in the competitive digital streaming market. His contributions have been pivotal in enhancing Zee5’s digital footprint and revenue streams.

    As the curtains momentarily fall on the CRO position at Zee5, the spotlight now shifts to the anticipation of a successor who will shape the platform’s next chapter. The silence is palpable, but the stage is set for what promises to be a defining announcement. Stay with us as we bring you the unfolding story and the next visionary who will lead Zee5’s journey forward.

  • Zeel’s Punit Goenka resigns as MD, to continue as CEO

    Zeel’s Punit Goenka resigns as MD, to continue as CEO

    MUMBAI: He wants to get down to the brass tacks of business., roll up his sleeves and go about achieving the targets the Zee Entertainment Enterprises Ltd (Zeel) board/nomination remunerations committee  has set him and rev up the company’s revenue and profits. Zeel CEO & MD Punit Goenka has resigned from the  post of managing director while retaining his position as CEO. Earlier Punit had sought permission from the Zeel board to resign as MD and continue as CEO which it accepted, effective 18 November.

    The company has also agreed to additionally designate Zeel chief financial officer Mukund Galgali as the deputy CEO. Galgali has been with the Zee group for the past 17 years, but has 27 years of work experience, and will support Punit in driving the company’s strategic initiatives.  As a member of the leadership team, he has been providing strategic consulting advice on business planning and performance, regulatory and ta  implications on business, process innovations and management controls etc. to improve business efficiency and value creation for shareholders.

    The Zeel board has recommended that a deputy chief financial officer be appointed to further strengthen the management team. Further, it is continuing the review of the company’s HR policies, processes and salary structures which were changed during the merger.

    It may be recalled that the Zeel board raised the targets  set for Punit while reappointing him as the MD & CEO. Late last week, the board had also put him under close watch, saying they would be evaluating his performance in terms of quarterly consolidated revenues and EBITDA  over the next four quarters  commencing Q3FY25) and pay out of 25 per cent of consolidated net profits as dividend to  Zeel’s shareholders.

    In a statement issued on Monday, Punit  said that Zeel remains on a firm footing and is taking all the necessary steps to build a robust foundation for its future. “In order to ensure we maintain a sharp focus on achieving our targeted aspirations, the core businesses require dedicated time and energy which can only be achieved in an operational capacity. In the long-term interest of the Company and all its stakeholders, I have approached the board with a request to attain operational focus as the CEO. I am grateful to the board for recognizing my efforts and supporting me in this approach,” he added.

    As part of the changes,  the variable portion (40 per cent) of Punit’s  salary will be paid only on achievement of certain milestones, subject to a maximum cap as defined by the Zeel board.

    Zeel chairman R. Gopalan stated,“The board appreciates the approach taken by Punit Goenka to sharpen his focus towards enhancing the operational aspects of the company as the chief executive officer. His expertise and business acumen remain unmatched, and we remain confident in his abilities to deliver immense value to the company and all its stakeholders in the position he assumes. On behalf of the board, I wish him immense luck and success going forward.”

  • Shubhra Sethi joins Jiostar as head of entertainment Ad sales strategy

    Shubhra Sethi joins Jiostar as head of entertainment Ad sales strategy

    Mumbai: Jiostar has announced the appointment of Shubhra Sethi as its head of entertainment Ad sales strategy. Bringing extensive expertise in advertising sales and strategic leadership, Shubhra will be instrumental in driving Jiostar’s advertising initiatives and strengthening its entertainment ad sales strategies.

    In her new role, Shubhra will lead the ad sales division, focusing on developing innovative strategies to maximise revenue and enhance advertiser partnerships. Her appointment underscores Jiostar’s commitment to advancing its position in the competitive media and entertainment industry by leveraging cutting-edge advertising solutions.

    With a strong background in media and advertising, Shubhra has earned recognition for her ability to design impactful sales strategies and foster client relationships. Her expertise is expected to elevate Jiostar’s advertising offerings, ensuring sustained growth and stronger market presence.

  • Uday Shankar and his band of three merry men

    Uday Shankar and his band of three merry men

    MUMBAI; They could have gone in for a single CEO like Disney Star India – or Star India before that – had done in the past.

    But with the magical Uday Shankar on top as the vice-chairperson to guide and direct strategy, the trio of Disney, Reliance Industries, and Bodhi Tree systems decided to go in for a troika of CEOs for the joint venture.  Kevin Vaz to lead  entertainment across platforms, Kiran Mani to head the combined digital organisation and the affable but effective Sanjog Gupta to spearhead the combined sports initiatives.

    A press release issued by Reliance Industries announced that the expectation is that the three will lead the new firm into a new era of ambition and disruption. “Together, they will leverage their unique strengths to cultivate a bold transformative vision that challenges the status quo and sets new standards in the industry,” it adds.

    Ambani is known to be a man in a hurry and willing to take risks. Leadership in every sector his group is involved in is all he asks. He is willing to give it time, but his watch runs differently, faster than every other entrepreneur in the business.

    Uday Shankar is built in the same vein. He has built a reputation of being on business steroids. Number one or nothing has always been his credo. Being the best in whatever he takes up. He is known to have taken tremendous risks, some say gambles, and on almost all occasions he has come out on top. The  team below him will have to keep pace.

    Kevin Vaz is a steady, consistent performer, who has stuck by Star for almost a score of years. An astute sales person, he has learnt to run a mean entertainment driven organisation. First, heading English language channels, then regional language ones, kids and infotainment ones. Finally, Hindi entertainment offerings  – the entire gamut before going on to settle at Viacom18 as CEO. With a strong second and third rung of creatives and programming heads leading the shows and series, he will not have too many a challenge from any of the others in the same space.

    Kiran Mani first cut his teeth in advertising working on Unilever brands. Then he spent eight years in IBM in marketing and channel sales in India. He hopped onto Microsoft  where once again he led marketing, strategy and operations. He then turned entrepreneur with an ad tech platform for which he found a buyer in two years. After a short stint at advising the National University of Singapore on its MBA programme, he dived into Google where he stayed for a baker’s dozen years, shuffling between India, the Bay area and Japan and Asia Pacific, finally settling down as general manager of android and Google Play for Asia Pacific and Japan when he was scouted and picked up to head Viacom18 Media. He burned the mid-night oil and weekends advising and angel investing in startups taking bets on emerging platforms and technologies while rapidly shooting up the corporate ladders. 

    Credentials like that are not easy to find, and he is the executive upon whom a lot rests as the world of entertainment consumption continues to transition from cable and linear TV to wireless streaming, handheld devices like mobile phones and tablets and connected TVs. And of course generative AI and machine learning. The area is teeming with competition with global biggies like Prime Video, Disney+ and Netflix and Google’s YouTube. What will hold him in good stead his deep attachment to meditation, mindfulness, and yoga which he has being practising for more than a dozen years.

    The bearded Sanjog Gupta is known to be a backroom executive, reticent, a quiet thinking leader who is more comfortable and does well in meeting rooms with his team and clients. With deep relationships across sports federations – both globally and locally, rights owners, athletes and sportsmen, a close and sharp eye on sports technology that vows the consumer, he has stayed ahead of all broadcast sports executives in the country and even in Asia. His challenge will be to keep the top line and bottom line healthy in an era of  skyrocketing licensing fees for sports like cricket. This apart, the Ambani family has taken upon itself to encourage other sports in the country, especially in the Olympic and Asian Games arena. Sanjog will have to find a way to train Indian viewers to start enjoying  and staying hooked to these sports as India vies to stage the Olympics within its shores in the next decade.   

    To know more about the other leadership teams please click here. https://www.jiostar.com/leadership/

  • Govind Shahi set to exit Indiacast after a 12 year stint

    Govind Shahi set to exit Indiacast after a 12 year stint

    Mumbai: Highly placed sources have revealed that Govind Shahi, the International Business Head at Indiacast, is stepping down after an impressive 12-year run. Known for his leadership in steering Viacom18’s international channels to major growth, Govind is likely to explore new opportunities. While there was strong speculation about him taking the reins of international operations at Jiostar, it seems that he could be charting a different course.

    With over three decades of experience in media, including top roles at Zee and Colors, as well as various entrepreneurial ventures, Govind has made a mark in global broadcasting. He’s credited with launching key channels and events, such as Zee Russia, Zee Carnival, Zee Cine Awards, Colors Gujarati, and Colors Rishtey along with digital products like Voot, while spearheading a range of successful global initiatives.

    Govind will be leaving Colors at a time when the network is at its peak, dominating several international markets. Under his leadership, Colors became the only Indian broadcaster with a unified FAST (Free Ad-Supported Streaming Television) presence internationally -an achievement largely driven by his strategic vision and ability to adapt quickly to market needs.

  • Vipin Unni joins OTT platform Aha as chief marketing officer

    Vipin Unni joins OTT platform Aha as chief marketing officer

    Mumbai: In a strategic move to enhance its market footprint, Aha, the popular regional OTT platform, has appointed Vipin Unni as its chief marketing officer (CMO). Unni’s appointment comes as Aha seeks to elevate its brand positioning and tap into a larger audience base in an increasingly competitive streaming industry.

    Unni, renowned for his expertise in leading marketing strategies at Airtel, Reliance, and Star TV, brings a strong track record in digital marketing and brand expansion to Aha. He has spearheaded initiatives that seamlessly integrate innovative marketing approaches with profound consumer insights. Previously, Unni held pivotal leadership positions, refining his ability to thrive in the fast-paced digital environment.

    The appointment is timely as competition among streaming platforms intensifies, with companies vying for the attention of regional audiences who increasingly prefer local language content. Unni’s leadership could propel Aha to expand its subscription base and fortify its brand presence across South India and beyond.

    The OTT platform has been focusing on high-quality original content, and Unni’s marketing acumen will be crucial in positioning these offerings effectively.

  • SPNI appoints Sibaji Biswas as chief financial officer

    SPNI appoints Sibaji Biswas as chief financial officer

    Mumbai: Sony Pictures Networks India has announced the appointment of Sibaji Biswas as its new chief financial officer (CFO), effective the first week of January 2025. In this role, Sibaji will lead SPNI’s financial strategy, planning and corporate finance, to enhance operational efficiency and growth across the company’s multi-channel and digital platforms.

    With over two decades of financial leadership and expertise in strategic transformation, Sibaji has a proven record of delivering growth and driving innovative solutions. As CFO and executive director at Syngene International, a Biocon Group listed subsidiary, he has played a key role in its growth where revenues doubled, and market cap nearly tripled in the last five years. During his tenure, he drove supply chain and digital transformation in the business for optimising operations, futureproofing the business and enhancing efficiencies.

    Sibaji’s career highlights include a 12-year tenure at Vodafone, where he held pivotal roles such as CFO of Vodafone Romania, EVP of corporate development, and head of procurement. As part of Vodafone’s senior leadership team, he contributed to strategic growth initiatives in India and other markets. His previous role as head of corporate finance at Hutchison India saw him collaborating with its distinguished leadership team, shaping innovative finance strategies that propelled the company’s expansion.

    Sony Pictures Networks India MD & CEO Gaurav Banerjee stated, “Sibaji’s financial expertise and strategic approach make him a strong fit for SPNI’s leadership team. His experience in building operational efficiency and navigating complex financial landscapes will be valuable as we strengthen our brand and enhance the viewer experience. We look forward to his contributions as we enter this next phase of growth.”

  • NXTDIGITAL appoints Rajiv Bhargava as chief financial officer

    NXTDIGITAL appoints Rajiv Bhargava as chief financial officer

    Mumbai: NXTDIGITAL, the digital media division of Hinduja Global Solutions (HGS), has appointed Rajiv Bhargava as its chief financial officer.

    Rajiv, a chartered accountant with over three decades of experience, has held leadership roles at Sony Pictures Networks, PepsiCo India Holdings, and Gujarat Tea Processors and Packers (Wagh Bakri Tea Group). His expertise spans media and entertainment, FMCG, banking, pharmaceuticals, and retail. Known for his skills in financial planning, risk management, and operational efficiency, Rajiv has a track record of driving cost savings, improving profitability, and leading teams toward excellence. He is also passionate about digital transformation in finance within the media and entertainment sectors.

    HGS’ whole-time director and head of the media group Vynsley Fernandes said, “We are delighted to welcome Rajiv to Hinduja Global Solutions and the Nxt Media Group. We’re looking forward to have Rajiv lend his expertise and experience to our business as we embark on another growth phase.”

    Bhargava said, “I am excited to join NXTDIGITAL and leverage my expertise in finance to drive business transformation, especially at a time when media, entertainment and technology is seeing convergence. I am devoted to ensuring a robust financial future by managing key finance functions, accounts and revenue management, and I look forward to collaborating with teams and partners to ensure a unified vision for the future.”

  • TV Vision Ltd’s financial struggles deepen; loss per share stands at Rs 3.17

    TV Vision Ltd’s financial struggles deepen; loss per share stands at Rs 3.17

    Mumbai: In the vibrant world of Indian television, TV Vision Ltd. once stood as a beacon for music and regional entertainment, captivating audiences with its flagship channel, Mastiii. Known for its pulse on Hindi music and commanding viewership, Mastiii carved out a niche in the crowded airwaves, consistently topping the charts. Yet, behind the bright lights and catchy tunes lies a story of financial struggle. TV Vision’s latest quarterly results paint a somber picture—shrinking revenue, mounting costs, and a recurring cycle of losses that threaten to overshadow its legacy. As the company grapples with an uphill battle to regain its financial footing, the future of this media giant teeters on a precarious edge.

    For the quarter ending 30 September 2024, TV Vision’s consolidated income from operations fell to Rs 1,260.48 lakh, down 15 per cent from Rs 1,482.83 lakh in the same quarter last year. This downturn reflects the ongoing challenges in revenue generation, a critical weakness given the company’s extensive cost base.

    The operating expenses continue to burden the financial structure of TV Vision. The total expenditure for Q2 FY25 reached Rs 1,796.43 lakh, an 11 per cent increase from Rs 1,614.87 lakh the previous year. Of particular concern is the rise in employee benefit expenses, which, though slightly decreased quarter-on-quarter, continue to erode profit margins at Rs 104.09 lakh.

    Adding to this strain is a notable increase in depreciation costs, totaling Rs 373.30 lakh for the quarter. The consistent depreciation expense underscores an aging asset base, highlighting the limited flexibility the company faces in managing capital expenditures and reinvestment.

    The impact of these costs is clear in the bottom line. TV Vision recorded a consolidated net loss of Rs 526.73 lakh in Q2 FY25, widening from a loss of Rs 541.30 lakh in Q2 FY24. On a half-yearly basis, the figures are even more dismal, with losses amassing to Rs 1,227.45 lakh for the period. The loss per share stands at Rs 3.17, underlining the dwindling returns to shareholders and the deteriorating equity position.

    Despite a marginal improvement in cash reserves, from Rs 99.04 lakh in March 2024 to Rs 325.28 lakh in September, the company’s overall cash flow remains precarious. Financing activities reflect a significant strain, with a reduction of Rs 295.55 lakh in current borrowings. Coupled with high finance costs, which stood at Rs 30.14 lakh for the quarter, the ability to service debt without additional liquidity sources appears doubtful.

    The most alarming aspect of TV Vision’s financial state is its mounting negative equity. The company’s other equity balance plummeted to Rs 16,796.66 lakh, a stark reflection of accumulated losses that threaten long-term viability. Shareholder confidence appears eroded, and without tangible efforts to rein in costs or generate substantial revenue growth, the outlook for equity remains bleak.

    With the latest report, it is evident that TV Vision is facing a formidable set of financial obstacles. Operational inefficiencies, coupled with an inflexible cost base, leave the company in a fragile state. For investors, the need for swift and effective strategic restructuring is clear. As the broadcasting landscape grows more competitive, TV Vision’s ability to adapt could determine whether it can turn the tide on its financial woes.

    TV Vision’s second-quarter results underscore a troubling trajectory, with widening losses and limited financial flexibility casting a shadow over its future. The company faces urgent calls for a strategic overhaul, without which it risks sinking deeper into financial distress. As the challenges mount, the question lingers: can TV Vision pivot swiftly enough to ensure its survival in an unforgiving market?