BENGALURU, April 5 (Reuters) - 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 ( DIS ).

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.