News Broadcasting
Broadcast Bill Darbaar raises lively online debate
MUMBAI: The Broadcast Bill needs to adequately address the changing dynamics in a converging world; and the sector regulator (the proposed Broadcast Regulatory Authority of India – Brai) needs to be an autonomous body – one that is neutral and not managed by the government.
These were the key points that came through in an online debate on the proposed Broadcast Bill Draft 2006, organized today by Indiantelevsion.com. “Broadcast Bill Darbaar”, with guest participants Sunil Lulla, CEO, Times Global Broadcasting Company Ltd (Times Now) and Subhashish Mazumdar, head – business development, IMCL/INEL (Hinduja Media Group), saw a lively debate on the vexing issues impacting the industry on account of the Bill. The chat session was conducted between 3 pm and 4 pm this afternoon.
Said Lulla, “The industry has asked the government to have an open dialogue. As the industry and the government have a common interest – growth of the business and protection of consumer interests.”
Both Lulla and Mazumdar stressed on the need for technology neutral regulations and licensing. Referring to content regulations, Lulla pointed out, “So how do you control one and not the other, when content, be it in text, visual or audio form could be on any or all of these platforms (terrestrial, cable – analogue and digital -, DTH, mobile TV, IPTV).”
An issue that constantly came up was about the pressing need for limits being placed, particularly on the kind of content that news channels were dishing out. The general argument being that the maddening race for TRPs has made news channels break quite a few rules of decency. Therefore, why shouldn’t the government regulate such irresponsible behaviour?
Said one participant, “There has to be some broad guidelines and which are flouted day in and day out. If the industry cannot show responsibility, blaming the government seems funny.” To this Lulla responded, “No one is blaming the government for a content code. The code already exists. No one is opposing that. What we ask is for an autonomous body to determine, build, set and regulate the code if it wishes too. That’s all the Industry is stating.”
On the side of the cable industry, the need for a new license regime was an issue that came up frequently. “We should also have competition among cable operators. Suppose I don’t like to shift to DTH or IPTV, which anyway is a distant option,” one participant pointed out. “Circles should be established as is the case in telecom (to break cable monopolies),” said another.
Defending the cable industry, Mazumdar said, “We are not against licensing per se, but licensing should be technologically neutral and the basis of licensing is already there in cable, by the way. The licensing regime needs updation like making sure of PAN etc. But no one would like to have a licensing raj for an industry which is servicing 64 million households.”
Both Lulla and Mazumdar came out strongly against the proposed cross media restrictions. “For looking ahead, we feel these restrictions are meaningless. If someone asks you to limit your market share by law or regulation, that is not acceptable,” Mazumdar said.
Said Lulla: The Indian owned media industry is a fragile industry. It does not have the resources of global giants. In today’s day and age, growth of industry and especially the media industry needs to be encouraged. Hence the potential to apply brakes on what can be a significant business in India, is self limiting. Industrialists who are funding these businesses should be able to leverage their investments; hence cross media restrictions of the kind one is hearing about will not create a growth oriented climate, when the rest of the business climate is oriented towards growth.
Neither could adequately answer this poser though: “Why did the industry accept cross media restrictions in DTH, and are now crying foul over the move?”
In summation, Lulla said, “This country has respected freedom of expression and the industry is seeking it be respected. Regulation with dialogue which is inclusive and is autonomous is always welcome.”
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.
