Cable TV
IndiaCast, Hathway fail to concur on carriage, subscription fees
MUMBAI: As a result of unresolved conflict between Hathway Cable and Datacom Ltd (Hathway) and IndiaCast Media Distribution Pvt Ltd (IndiaCast), all IndiaCast channels have been pulled off from the cable platform. Despite several meetings, Hathway could not fulfill the growth aspiration of IndiaCast in terms of the carriage and subscription fees, according to a source. The subscription and carriage agreements between Hathway and IndiaCast expired on 31 March 2018.
On 1 April 2018, IndiaCast issued a 21-day public notice to Hathway to meet regulatory requirements. Earlier, reports stated that the notice was issued due to non-payment of dues, non-submission of monthly subscriber reports, under-declaration of subscribers, failure to allow an audit of systems and unauthorised retransmission of channels.
IndiaCast did not respond to queries when Indiantelevision.com reached out to the company.
Across the cable industry, multi-system operators (MSOs) are now doing fixed-fee deals. While all the players are waiting for the new tariff order, due to the delay in the roll out, cable operators are relying on fixed-fee deals only. To move forward with these fixed-fee deals, the parties negotiate on the last fee structure and agree on certain percentage growth.
The disagreement between IndiaCast and Hathway came about with the renewal of these deals. As IndiaCast acquired Turner channels recently, the distribution company wanted to get more subscription money than ZEE.
According to a source familiar to the development, Hathway, being convinced of the logic, offered a certain level of growth going beyond their means. However, IndiaCast was not happy with the offering and asked for a percentage increase more than 100 per cent. Ultimately, the parties could not reach any solution leaving the deal unresolved.
Though IndiaCast was due to switch off its channels on 21 April, it eventually pulled off from Hathway on 25 April. Other than the disagreement on the hike in fees, IndiaCast also asked Hathway for a two-year commitment and was not satisfied with the format of the subscription report.
This is not a new development in Indian cable history. Though broadcasters, MSOs and DTH operators speak about putting viewers’ interest first, the recent examples don’t speak in favour of that. Agreements being left to market forces lead to such stand-offs from time to time. As a result, consumers are often at the risk of missing out on watching their favourite channels.
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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.
