News Broadcasting
News Corp,Telecom Italia to acquire Telepiu
NEW YORK, PARIS: News Corporation and Telecom Italia have signed a definitive agreement with Vivendi Universal and the Canal+ Group to acquire Telepiu, the Italian pay-TV business.
The transaction consideration at signing is 920 million, consisting of the assumption of up to 450 million in debt and a cash payment of 470 million for the shares of Telepiu. This cash payment will be adjusted downward by the amount of outstanding accounts payable at closing. As of today, the accounts payable stand at approximately 200 million. It is anticipated that at closing, total consideration before the accounts payable adjustment will be 893 million, reflecting continuing debt reduction at Telepiu between the signing of today’s agreement and the anticipated closing.
The acquisition, which is subject to regulatory approval, is expected to be completed by the end of the calendar year, whereupon Telepiu will be combined with Stream, the Italian pay-TV platform jointly owned by News Corporation and Telecom Italia, and renamed Sky Italia. News Corporation will hold an 80.1 per cent equity interest in Sky Italia, and Telecom Italia will hold a 19.9 percent equity interest.
The acquisition consideration includes the various rights to telecast certain future Italian soccer matches, which have previously been paid for by Telepiu, as well as the rights to two terrestrial television licenses. The combined platform will be required to sell the terrestrial television station licenses. As part of the acquisition agreement, all litigation between the parties, including Streams litigation against Telepiu and Canal+s litigation against NDS, will be suspended immediately and permanently withdrawn when the transaction closes.
J.P. Morgan and Mediobanca have acted as financial advisers to News Corporation in connection with this transaction. Lehman Brothers have acted as financial advisers to Vivendi Universal.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
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.
