News Broadcasting
Big FM, India Today deals: Zee Media seeks shareholder nod for loans
BENGALURU: Zee Media Corporation Limited (ZMCL) has sought public shareholder approval for special resolutions by postal ballot /e-voting process for authorizing the board to borrow moneys in excess of the paid-up share capital and free reserves of the company up to Rs. 3,000 crore.
The funds will be utilised to acquire by way of subscription, purchase or otherwise the securities of, Today Merchandise Pvt Ltd (TMPL), Today Retail Network Pvt Ltd (TRNPL), Vrushvik Entertainment Pvt Ltd (VEPL) and Azalia Media Services Pvt Ltd (ASMPL), the current and/or future subsidiary(ies) and/or associate(s) of the company, subject to the condition that the aggregate of principal amount of such loan and/or value of such investment and/or principal amount secured by such guarantee/security shall not exceed an amount of Rs. 3,000 crores at any point in time.
VEPL and ASMPL are the two companies to which Reliance ADA will transfer its radio and television business to. Both – ZMCL and Reliance ADA have the option to acquire the balance 51 stakes in VEPL and ASMPL. Both TRNPL and TMPL are loss making companies of the India Today group’s Living Media India Limited (LMIL) that have been developing infrastructure for TV shopping and eCommerce businesses to compliment its TV shopping business.
As mentioned earlier, the ZMCL board had earlier approved acquisition of 49 per cent stake in 92.7 BIG FM, the radio broadcasting business of Reliance Broadcast Network Limited (RBNL), part of Anil Ambani-led Reliance ADA group. This will give Zee access to 45 running FM radio channels, apart from 14 other licences. The two Essel group companies – ZMCL and Zee Entertainment Enterprises Limited (ZEEL) were to pick up stakes in Reliance ADA’s FM radio business and two television channels respectively. Business Standard had valued the radio business 49 percent stake transaction at Rs 1,592 crore.
Earlier, in February this year, the ZMCL board had approved in-principle, acquisition of 80 per cent equity stake by the company in both TMPL and TRNL.
Among other resolutions, ZMCL has also asked its public investors to vote for resolutions that allow it to borrow money from its promoter entity Arm Infra & Utilities Pvt Ltd to the extent of Rs 500 crore.
The voting period will commence on and from 23 December 2016 at 9.00 a.m. and end on 21 January 2017 at 5.00 p.m. Shareholders can opt for only one mode of voting i.e. either by postal ballot or e-voting. In case any shareholder casts the vote(s) through both the modes, voting done by e-voting shall prevail and votes cast through postal ballot will be treated as invalid.
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.
