Cable TV
DAS III extension leads to payment tiff; MSO blacks out Star channels in WB
MUMBAI: The multi-system operator in West Bengal Manthan continues to black out Star TV channels over a payment dispute since last Friday. Over five and a half lakh reported Manthan subscribers in Kolkata did not have access to over 45 channels such as Star Plus, National Geographic, Star Jalsha, and Star Sports.
The Phase III extension of cable network, earlier set for completion by 31 December 2015, postponed by 13 months. The current blackout is the fourth one on Manthan since June 2016.
With a number of interesting sporting events scheduled this week, the deprivation could seriously hit subscribers who felt cheated. On 15 January, Virat Kohli’s team is scheduled to face England in ODI match. Reportedly, neither Manthan nor Star India on Monday took an initiative although talks were due, and subscribers continued to be deprived of the channels for more days.
Manthan executive Sudip Ghosh told Times that though they would like to have the channels back soon, there were issues between them to be resolved. He said they already paid 13 months’ subscription for Phase III extension of cable network in advance. But, the government deferred the extension till 31January, which meant they paid in excess. If that money was adjusted against their dues, there would be no arrears on their part. Star India however claimed an immediate payment of subscription dues from the MSO.
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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.
