Cable TV
Cox said to discuss merger with Malone-backed Charter
MUMBAI: Cox Communications, the third-largest US cable provider, has held talks about combining with Charter Communications, according to reports on the matter.
Cox president Pat Esser has discussed a deal with representatives from Liberty Media, which owns a 27 per cent stake in Charter. The structure of a potential deal hasn’t been determined; including which company might be the acquirer.
Liberty and Charter are also still pursuing an acquisition of Time Warner Cable, the people said. Billionaire John Malone, who controls Englewood, Colorado-based Liberty, has said he wants Charter to get bigger so it can gain leverage in negotiations with TV networks, which have sought higher prices for the use of their programming.
Cox has 4.8 million video subscribers, while Charter has 4.4 million, according to Craig Moffett, an analyst at Moffett Research LLC in New York.
Malone sees mergers as an appealing way for the cable industry to cope with the lower video profit margins that have come from higher programming costs and fewer new customers.
Malone’s strategy isn’t just about traditional cable. The high-speed internet connections that companies like Charter provide to US households are the key to the future of the TV industry, Malone said at the June meeting. He cited the growing viewership of streaming-video services, also known as over-the-top.
Dissolving the trust is a step toward Cox gaining flexibility to merge the cable company.
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.
