News Broadcasting
News Corp affiliate in China under scanner: ‘WSJ’ report
MUMBAI: A News Corp affiliate in China is currently under investigation over its leasing of satellite television channels in the country, says a Wall Street Journal report.
The company, Beijing Rejian Hulian Advertisement Co, also known as Beijing Hotkey Internet, was set up by News Corp in 2000 to collect fees from satellite channel leasing and local cable operators, the paper said. In China, local cable operators are not permitted to broadcast foreign programming without government permission.
Chinese broadcast regulations insist that only high-end hotels and residential compounds can air foreign channels such as CNN and movie channel HBO. Then there was a 2002 ruling which said foreign channels must sell and transmit signals only through a Chinese state-run company, China International Television Corp.
The newspaper has quoted an official at the Beijing Industrial and Commercial Bureau’s Dongcheng district branch, which has jurisdiction over News Corp’s Beijing office, as saying, “Beijing Hotkey is under investigation to determine whether it leased satellite channels illegally.”
Under its arrangement with China International Television Corp, News Corp is committed to give the state-run Chinese company about 30 per cent of its profit from leasing its channels in China. Cable operators paying in yuan were asked to remit payment to Beijijng Hotkey, the paper said, quoting a former News Corp employee.
News Broadcasting
Network18 posts Rs 1,955 crore revenue, narrows FY26 losses
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
