News Broadcasting
Cinemax India Limited files Draft Red Herring Prospectus with SEBI for IPO
MUMBAI: Cinemax India Ltd., the exhibition theatre chain operating 10 properties with 33 screens and 9,316 seats, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).
Cinemax proposes to use the proceeds from the IPO primarily to meet the capital expenditure to be incurred for setting up screens across India. Apart from the expansion funding, the proceeds will be also be utilised for General Corporate Purposes including Acquisitions, as per an official release.
Cinemax is part of the Mumbai-based real estate establishment Kanakia Group. For the year ended 31 March, 2006, Cinemax clocked a total income of Rs 438.60 million on a standalone basis with a net profit of Rs 67.64 million, states an official release.
News Broadcasting
BBC to cut up to 2,000 jobs in biggest overhaul in 15 years
Cost pressures and leadership change drive major workforce reduction plan
LONDON: BBC has unveiled plans to cut up to 2,000 jobs, roughly 10 per cent of its global workforce, in what marks its biggest downsizing in 15 years.
The announcement was made during an all-staff meeting led by interim director-general Rhodri Talfan Davies, as the broadcaster moves to tackle mounting financial pressures and reshape its operations.
Between 1,800 and 2,000 roles are expected to be eliminated from a workforce of around 21,500. The cuts form part of a broader plan to save £500 million over the next two years, aimed at offsetting rising costs, stagnating licence fee income and weaker commercial revenues.
In a communication to staff, BBC interim director-general Rhodri Talfan Davies said, “I know this creates real uncertainty, but we wanted to be open about the challenge,” acknowledging the impact the move would have across the organisation.
The restructuring comes at a time of leadership transition. Former director-general Tim Davie stepped down earlier this month, with Matt Brittin, a former Google executive, set to take over the role on May 18, 2026.
While some cost-cutting measures are being implemented immediately, the majority of the structural changes are expected to roll out over the next few years, with full savings targeted by the 2027–2028 financial year.
The broadcaster had earlier signalled its intent to reduce its cost base by around 10 per cent over a three-year period, warning of “difficult choices” as it adapts to shifting economic realities and audience expectations.
With operating costs hovering around £6 billion annually, the BBC’s latest move underscores the scale of the financial challenge it faces, as it balances public service commitments with the need for long-term sustainability in an increasingly competitive media landscape.
