Cable TV
Hathway – MSM Media Distribution resolve differences, end dispute
MUMBAI: Multi system operator (MSO) Hathway Cable & Datacom and Multi Screen Media’s distribution arm MSM Media Distribution (MSMMD) have finally put an end to their very public dispute.
Hathway subscribers in phase I and II were greeted with a scrolling message on their screens, which informed them about restoration of MSM channels.
Commenting on the development, a senior Hathway spokesperson told Indiantelevision.com, “We have mutually agreed to renew our deal with MSM in DAS and analogue markets post a meeting yesterday. The MSM bouquet channels have been reinstated in our packages.”
It all started on 14 August when Telecom Disputes Settlement and Appellate Tribunal (TDSAT) had directed Hathway to pay Rs 14.56 crore towards subscription dues to MSMMD for DAS Phase I till the expiry of the agreement i.e. 31 October, 2015 in three instalments.
Hathway in reply to that said that it will not renew the contract with MSMMD for DAS phase II. It may be recalled that this contract between the two expired on 31 March, 2015 and was not renewed by Hathway then.
Commenting on the entire development a senior media observer said, “It’s good that both Hathway and MSM Media have kept the interests of cable TV subscribers in mind and ironed out their differences. A lesson to be learnt from their dispute and the resolution thereafter is that MSOs, DTH players and broadcast networks need to refrain from washing their dirty linen in public. Commercial disputes between two parties need to be resolved behind closed doors and not in the public glare of the media. Using the media for one’s own ends only sends out a bad signal that the industry has yet to mature to government, the regulator and potential investors in India’s video and broadband distribution sector.”
Speaking to this website, Maharashtra Cable Operators Federation (MCOF) president Arvind Prabhu said, “It’s a great move firstly for consumers and secondly for the ecosystem. We are glad that they sorted it out amongst themselves. Having said so, we are now waiting to see how Sony or Hathway compensate the mental and commercial losses of last mile operators (LMOs). Huge number of cable subscribers have shifted to DTH during the dispute. We have given a representation to Hathway from the Aurangabad association but if they don’t do anything, we will go to TDSAT. The ecosystem needs mutual understandings, stakeholders should not let the subscribers suffer because of their individual benefits.”
At the time of filing this report, MSMMD spokesperson was unavailable for comment.
For the time being Hathway subscribers who missed out Messi and Ronaldo dribbling their way through to the nets can enjoy the highlights and wait for the weekend to catch some live LA Liga and Italian Serie A action on Sony Six and Kix for the first time this season. The sports expertise of MSM acquired the broadcasting rights of the two flagship football tournaments this year but before the commencement of the season the two stakeholders landed into dispute which resulted in fans missing the matches.
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.
