Film and TV serial producer Ekta Kapoor and her mother Shobha Kapoor have stepped down as heads of the OTT company ALTBalaji. Ekta, daughter of actor Jeetendra, in an Instagram post on Friday declared that Vivek Koka has been appointed as the new Chief Business Officer of ALTBalaji.
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In the press statement on Instagram, Ekta called the decision "strategic" and said the company is pleased to announce that Vivek Koka has been appointed as the new Chief Business Officer of ALTBalaji.
It added: “ALTBalaji, one of India's leading digital entertainment platforms, officially announced today that Ektaa R Kapoor and Shobha Kapoor have stepped down from their positions. While the process of stepping down started last year, ALTBalaji now has a new team to take over. This decision is a strategic one to focus on other ventures. The company is pleased to announce that Vivek Koka has been appointed as the new Chief Business Officer of ALTBalaji."
"Under Mr Koka's leadership, ALTBalaji aims to follow their footsteps and continue its strong track record of delivering high-quality, original content to its audiences," the statement read.
The development is significant as the ALTBalaji reportedly laid off about 15 people, out of 18, from its creative team in September 2022, Exchange4Media reported. The company only retained three Creative Directors. The employees who were asked to quit were at the executive producer and senior executive producer levels.
ALTBalaji, founded by Ekta, was launched in 2017 and is a video streaming platform. Ekta also runs Balaji Telefilms and Balaji Motion Pictures along with her mother Shobhaa Kapoor. The platform is known for creating series such as ‘XXX’, ‘Broken but Beautiful,’ ‘Puncch Beat,’ ‘The Married Woman,’ and many other online shows.