News Broadcasting
CDF to increase stake in USL
Century Direct Fund (CDF) of Mauritius LLC, which currently holds 18.42 per cent equity stakes in United Studios Ltd, will be increasing its stake by another one percent as TCFC Finance Ltd is selling out its stake in United Studios.
United Studios Ltd is a company under the umbrella of Unilazer group. Other group companies include United Teleshopping, United TV (UTV), a TV software production organisation, and UTV Interactive which is a wholly-owned susbidiary of UTV.
TCFC Finance Ltd held 71,000 equity shares constituting 0.77 per cent of the current paid up capital of United Studios. The investmend had been made as co-investor along with CDF to which TCFC was an advisor.
As a result of a restructuring of the operations of TCFC Finance, it has ceased to be an advisor to CDF and has agreed to sell its investment in United Studios to Century Direct Fund.
The Foreign Investment Promotion Board (FIPB) approved United Studios proposal recently. The other foreign shareholder in United Studios is Mitsui group of Japan which holds 18,49,990 shares aggregating to 20 per cent of the total paid up equity capital of the company.
Total foreign equity in United Studios amount to 38.42 per cent amounting to 35,54,000 equity shares of Rs 10 each.
Earlier, the government had given permission for foreign direct investment in United Studios subject to:
*All future laws on broadcasting will be applicable to United Studios and it will not claim any privilege or protection by virtue of prior approval.
*The company will not undertake any broadcasting from Indian soil unless specially permitted to do so by the government.
* There will be no obligation on the part of Doordarshan to buy TV software from the joint venture company, United Studios.
Earlier this year, Intel Pacific and GE Capital Mauritius Equity Investment picked up 12.86 and 6.98 per cent, respectively in United Teleshopping & Marketing Co. Ltd. Subsequently, the foreign equity in United Teleshopping has increased from 45.45 to 57.14 per cent amounting to Rs 360 lakh. United Teleshopping is in the process of issuing fresh equity of 13,50,000 shares of Rs 10 each in the revised paid up capital of Rs 630.07 lakh which will be subscribed as follows:
* Draper India International Mauritius– 17.86 per cent
* Walden-Nikko Mauritius Company, Mauritius– 19.44 per cent
* Intel Pacific Incorporation, USA — 12.86 per cent
* GE Capital Mauritius Equity Investment –6.98 per cent.
Last year, UTV promoters had decided to buyout Rupert Murdoch-controlled News Corp’s 37 per cent equity stake in the Indian media house. Part of the additional funding for this News Corp shareholding buyback came from FII, Warburg Pincus.
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.
