Cable TV
CBS-TWC in a tiff over digital services
MUMBAI: The blackout dispute between CBS and Time Warner Cable has shifted from the TV set to the tablet.
In their latest heated exchange, TWC claims that CBS wants to charge higher fees while shortchanging it on digital programming rights that it “has provided to others.”
CBS contends that the cable-TV outfit is aiming to get digital rights for free or inhibit licensing deals with newer online rivals like Netflix and Amazon.
The battle between the two companies, which has left CBS-owned TV stations dark in New York and other cities, underscores how the demand for digital rights, including the ability to watch shows on tablets and other mobile devices, is overshadowing the traditional cable bundle.
On Monday, TWC honcho Glenn Britt offered to end the five-day blackout and pay a higher rate – $2 a month per subscriber, up from $1 now – in exchange for video-on-demand and digital rights to CBS and Showtime programming under the terms of their old contract.
In response, CBS head Les Moonves argued that the terms of the 2008 deal no longer apply.
“Those terms and conditions, better known as rights, were established in 2008,” Moonves wrote in his rebuttal. “That was before the introduction of the iPad. Netflix was still doing little but mailing out DVDs. Amazon was known simply for selling books.”
Moonves wants to protect future digital revenue and doesn’t want TWC limiting his ability to sell shows such as The Big Bang Theory to whomever he sees fit.
For its part, TWC wants to protect its turf. It doesn’t want CBS giving Amazon preferential treatment to air shows such as miniseries Under the Dome if it’s paying huge fees to carry CBS, according to those familiar with the talks.
As one cable executive told The Post, “The program guys want all the Amazon revenue to be incremental, and the cable guys are saying we’re not doing that anymore. We want to compete and offer the same experience.”
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
