Mumbai, January 10 (IANS). Sony Pictures Networks India (SPNI), officially known as Culver Max Entertainment Pvt Ltd, plans to lay off over 100 employees and make senior management changes to reduce the cost of its operations in the country.
Several media reports said that most of the job cuts are from SonyLIV post-production teams, which the company is now planning to outsource. Apart from this, jobs will be cut in marketing, advertising sales, broadcast operations and network engineering departments.
This step has been taken by the company at a time when the company is continuously facing financial challenges. The company’s profit has come down to Rs 456 crore in FY 25, which was Rs 843 crore a year ago. There has been a decline of about 4.4 percent in income.
Analysts say that due to decline in viewership of traditional TV and insufficient income from digital medium, there is a crisis in the stability of the companies.
The company plans to assign additional responsibilities to senior executives to implement a new organizational structure by the end of the month, reports said.
The upcoming organizational changes and layoffs are the first major strategic realignment since Gaurav Banerjee became CEO of the company in August 2024.
In the last two years, several senior people have resigned from the company, including former Sony Entertainment Television head Neeraj Vyas, TV ad sales head Sandeep Mehrotra, and most recently SonyLIV head Danish Khan.
Sony’s main rivals JioCinema and GEntertainment have also taken similar cuts in recent times to boost profits.
The PwC India report said that this growth will be driven by increasing digital participation, large youth population, increasing broadband penetration and higher consumption of online content.
–IANS
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