Cable TV
Stephen Reverand moves from Discovery US to Nat Geo
MUMBAI: With the aim of further expanding its documentary production team, National Geographic Television & Film (NGT&F) in the US has announced that Stephen Reverand has joined as senior VP.
Reverand will be responsible for overseeing both the specials unit as well as the national history unit. He reports to NGT&F executive VP Michael Rosenfeld.
Rosenfeld says, “Stephen has an impressive track record as a filmmaker and a television executive. He has the creative flair and the management skills to help us build this crucial area of our business.”
Prior to joining National Geographic, Reverand worked for rival Discovery, most recently as VP of production, where his work in events and specials earned him a 2005 George Foster Peabody Award for editorial direction of Black Sky: The Race for Space. More recently, he oversaw the two-hour special The Flight that Fought Back and was involved with natural history projects such as the BBC’s Supernature and Blue Planet.
He joined Discovery in 2000 as an executive producer and was later named managing editor, contextual documentaries. During his six years with the network, he oversaw several of Discovery’s most highly-rated projects, including Supervolcano and the highly-acclaimed Behind the Terror: Understanding the Enemy.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
