News Broadcasting
ABC, Fox up on Upfront, CBS flat, NBC to drop: Merrill Lynch report
MUMBAI: Will it stay flat or will there be another fall? And how much longer will the annual highpoint event for television networks in the US – the broadcast upfront presentations – even matter to executives taking the call on where to put their advertising buck?
As new digital media options open up, these are issues that TV execs in the US are having to grapple with increasingly in the upfront season but a report just out from investment firm Merrill Lynch does offer a window into what the future could hold. At least in the near to medium term. And contrary to the doomsayers, it is not all gloom for the networks in an age where a new generation of consumers are increasingly getting their entertainment fix outside of the TV screen.
To quote from the report: “Generally speaking, we believe that traditional broadcasters may be better positioned for this market than credited given their multiple touch points with consumers, experience in content production, already large inventory of much sought after video content and strong relationships with advertisers.”
The report further said that if advertisers opted to shift their spends to new digital platforms like broadband or mobile, “broadcasters are primed to attract a significant share of that spending with their offerings in the new arenas”.
On the dollars gained front, the report predicts the major networks should wind up about flat or slightly lower than the $9.1 billion booked in 2005, when upfront spending fell 2 percent from the previous year. Among the networks, ABC again leads its rivals on the continued momentum delivered by its three big hit shows – Desperate Housewives, Lost and Grey’s Anatomy. Upfront commitments are predicted to increase 7 per cent to $2.23 billion. News Corp’s Fox meanwhile, shows the biggest projected growth of 12 per cent to reach $1.78 billion.
Though CBS will only be up 1 per cent this year, by virtue of its having the largest ad pie share among the top four US networks means it will rack up $2.63 billion from the upfront.
NBC continues the slide after seeing its prime-time ratings drop 14 per cent over the last year. Merrill Lynch predicts that NBC will decline 3 per cent this year, to touch $1.84 billion. Some consolation for the ratings challenged former numero uno network is that it has somewhat bottomed out from the disastrous 33 percent free fall it suffered last year.
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.
