News Broadcasting
Andrew Gilligan’s resignation statement in full
MUMBAI: The following is the full text of Andrew Gilligans resignation statement:
“I am today resigning from the BBC. I and everyone else involved here have for five months admitted the mistakes we made. We deserved criticism. Some of my story was wrong, as I admitted at the inquiry, and I again apologise for it. My departure is at my own initiative. But the BBC collectively has been the victim of a grave injustice.”
“If Lord Hutton had fairly considered the evidence he heard, he would have concluded that most of my story was right. The Government did sex up the dossier, transforming possibilities and probabilities into certainties, removing vital caveats; the 45-minute claim was the classic example of this; and many in the intelligence services, including the leading expert in WMD, were unhappy about it. Thanks to what David Kelly told me and other BBC journalists, in very similar terms, we know now what we did not know before. I pay tribute to David Kelly.
“This report casts a chill over all journalism, not just the BBCs. It seeks to hold reporters, with all the difficulties they face, to a standard that it does not appear to demand of, for instance, Government dossiers. I am comforted by the fact that public opinion appears to disagree with Lord Hutton and I hope this will strengthen the resolve of the BBC.
“The report has imposed on the BBC a punishment far out of proportion to its or my mistakes, which were honest ones. It is hard to believe now that this all stems from two flawed sentences in one unscripted early-morning interview, never repeated, when I said that the Government ‘probably knew’ that the 45-minute figure was wrong.
“I attributed this to David Kelly; it was in fact an inference of mine. It has been claimed that this was the charge which went round the world, but a cuttings check shows that it did not even get as far as a single Fleet Street newspaper. Nor did the Government mention it in its first three letters of complaint.
“In my view, this helps explain why neither I nor the BBC focused on this phrase as we should have. I explicitly made clear, in my broadcasts, that the 45-minute point was based on real intelligence. I repeatedly said also that I did not accuse the Government of fabrication, but of exaggeration. I stand by that charge, and it will not go away.
“In Greg Dyke the BBC has lost its finest director general for a generation. He should not have resigned, and I am extremely sorry to see him go.
“I would like to thank the BBC for its support throughout the extraordinary and terrible ordeal that has been the last seven months. It has defended the right to investigate and report accurately on matters about which the public has a right to know. Save for the admissions I and the BBC have made, my reporting on the dossiers compilation fulfilled this purpose.
“I love the BBC and I am resigning because I want to protect it. I accept my part in the crisis which has befallen the organisation. But a greater part has been played by the unbalanced judgments of Lord Hutton.”
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.
