MAM
IPL’s ratings make it tough for Max to post ad rev growth
MUMBAI: The fifth season of the Indian Premier League is settling down to lower ratings than its previous edition, making it tough for Multi Screen Media to protect its ad revenue of Rs 9 billion from the telecast of the event on Max.
The first 27 matches of the IPL have garnered a viewership of 3.53 TVR compared to 3.88 TVR a year ago, according to Tam data (for CS4+ TG, All India market). The cumulative reach has also gone down from 140 million last year to 137 million.
Despite improvement in competitiveness with several close finishes, the ratings for the IPL have gone down. For the first seven matches, the viewership was 3.76. This further fell to average TVR of 3.65 for 16 matches.
The IPL, however, continues to be a profitable property for MSM and cricket‘s highest revenue earner. “Media may file whatever they want to, but if you look at the top 10 programmes you will get your answer,” said IPL CEO Sundar Raman.
According to GMR Sports marketing head Hemant Dua, the drop in viewership is a natural progression in the life of a sporting league. He also believes that people have unfair expectations from the IPL.
“I think the IPL is maturing as a league and there will be times when the ratings will plateau a bit or will increase but overall the IPL has done well this season and attendance for matches has been good. The expectation from the IPL is high but one should understand that the ratings are strong enough,” said Dua.
The fragmentaion of the Indian media landscape has not helped the IPL to better its ratings this year. According to MEC South Asia COO Shubha George, the IPL ratings have been in line with expectations.“We had predicted a drop in viewership, but if you look at the ratings they are still better. After all, which property will give you a viewership of 3.5 TVR and a pan-India reach,” he said.
MSM has, however, stayed firm in not dropping the rates as it fears that it will make it difficult to up the rates next year if the benchmark is set low this time. Max has six sponsors on board who are forking out between Rs 450,000-500,000 per 10 second spot. The broadcaster has managed to sell only 70 per cent of inventory with a large part of the FCT being used for self-promotion.
Attempts to reach MSM president network sales, licensing & telephony Rohit Gupta proved futile till the time of filing this report.
For MSM to substantially boost its ad revenues from the IPL, ratings will have to improve. “They won‘t command a premium on average rating of 3.5. But the IPL as a property still remains a valuable proposition,” said a media analyst who did not want his name to be revealed.
Brands
Estée Lauder to shed 10,000 jobs as new boss bets on digital shift
The cosmetics giant raises its profit outlook but stays silent on a possible merger with Spain’s Puig, as job cuts deepen and a three-year sales slump weighs on the turnaround
NEW YORK: Stéphane de La Faverie is not done cutting. Estée Lauder announced on Friday that it plans to eliminate as many as 3,000 additional jobs, taking its total redundancy programme to as many as 10,000 roles, up from a previous target of 7,000 announced a year ago. The company, which owns La Mer, The Ordinary, Tom Ford, and Aveda, employs roughly 57,000 people worldwide. The mathematics of what is now being contemplated is stark.
The fresh round of cuts is expected to generate a further $200 million in savings, bringing the total annual savings from the programme to as much as $1.2 billion before taxes. That money, De La Faverie has made clear, will be ploughed back into the turnaround.
A CEO in a hurry
De La Faverie, who took the helm in January 2025, inherited a company that had endured three consecutive years of annual sales declines. His response has been to move fast and cut deep. A significant portion of the latest redundancies reflects his push to reduce headcount at US department stores, long a cornerstone of Estée Lauder’s distribution model but now a channel in structural decline. In their place, he is accelerating the shift toward faster-growing online platforms, including Amazon.com and TikTok Shop, a pivot that is reshaping not just where Estée Lauder sells but how it thinks about its customers.
The numbers are moving in the right direction
Despite the pain, there are signs the medicine is working. Estée Lauder raised its profit outlook for the remainder of the fiscal year, guiding for adjusted earnings per share in the range of $2.35 to $2.45, above analyst estimates and a notable step up from the $2.05 to $2.25 range it had guided for in February. Organic net sales growth is expected to come in at 3 per cent, the company said, at the high end of the range it set out in February.
The share price tells a mixed story. After De La Faverie took charge, the stock surged nearly 60 per cent, buoyed by investor optimism that a longtime company insider could finally arrest the decline. But 2026 has been rougher: the shares have fallen 27 per cent this year, weighed down by disappointing February results and the overhang of unresolved merger talks with Spanish beauty giant Puig Brands SA. The company gave no additional details about those discussions on Friday, leaving the market to guess.
Silence on Puig
The proposed tie-up with Puig remains the most consequential unknown hanging over Estée Lauder. A deal with the Barcelona-based group, which owns brands including Carolina Herrera and Rabanne, would reshape the global luxury beauty landscape. But with nothing new to say and a turnaround still very much in progress, De La Faverie is asking investors to trust the process.
Three years of sales declines, 10,000 job cuts, and a merger that may or may not happen. At Estée Lauder, the overhaul has barely started.
