Cable TV
Competition regulator okays Goldman Sachs stake purchase in Den Networks
MUMBAI: Investment banking major Goldman Sachs has received the Competition Commission’s approval to increase its stake in Den Networks to over 24 per cent by acquiring additional shares through preferential allotment route.
indiantelevision had reported that MSO Den Networks existing shareholder Goldman Sachs is picking up 1.58 crore equity shares at a price of Rs 90 per share via a preferential allotment. This will take Goldman Sachs’ equity stake in the cable TV service provider up from 17.79 per cent to 24.49 per cent and involve an injection of much needed capital to the tune of Rs 142.43 crore. The divestment is expected to trim promoter stake in the company to 37 per cent.
Media observers say that the Indian cable TV ecosystem – including the government, the regulator TRAI, broadcasters, MSOs and cable TV operators – has stumbled in the digitization process which was mandated by the ministry of information and broadcasting four years back. They have also been saying that investor sentiment towards the sector is pretty weak. Shares of most leading Indian cable TV companies have been depressed, and have been parked at lows. However, DEN Networks has been taking steps to correct the perception. It has brought back its CEO SN Sharma who has since been working on raising revenues and profitability.
The transaction has now been cleared by the Competition Commission of India (CCI), as per the regulator’s website.
The additional acquisition would be done by the holding companies of Goldman Sachs — Broad Street Investments (Singapore) Pte (BSIPL) and MBD Bridge Street 2016 Investments (Singapore) Pte (MBD), according to filing submitted to CCI. BSIPL and MBD are investment holding companies and are not engaged in business of manufacturing of products or the provision of service, PTI reported. Den Networks is into distribution of television channels through analog as well as digital modes.
The Goldman investment came as a shot in the arm for Den Networks as well as the Indian cable TV sector which is grappling with reinventing its business model.
Investors had greeted the Goldman Sachs announcement with delight. Den Networks had made an investor presentation in which it stated that its digital rollout is progressing well. Of the 13 million subscribers it has had, almost 9.8 million of them upgraded to digital in Q1 2017. Five million of these are in DAS Phase I & II areas with the remainder being in Phase III and phase IV.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
