Cable TV
Leading MSOs decide to put Star channels on a la carte in Mumbai
MUMBAI: The leading multi system operators (MSOs) in Mumbai, except Hathway Cable and Datacom, have agreed to put all Star channels on a la carte. With IndusInd Media and Communications Limited (IMCL) being the first one to agree to the demands of Maharashtra Cable Operators Federation (MCOF), the others including Den Networks, Digicable and Siti Cable have also agreed to give the Star network channels only on viewer’s choice.
Starting immediately, all the Star channels will go off air from all the platforms. “A landmark decision has been taken today. All the leading MSOs have agreed to put Star channels on a la carte, on the rate published by the broadcaster in the Reference Interconnect Offer (RIO),” informs MCOF president Arvind Prabhoo adding that the MSOs have agreed to forego their share and will sell the channels on the RIO price only.
“The last mile owner (LMO), depending on the area he is dealing with, will add the collection charges and give it to his customer,” he says.
As reported earlier by Indiantelevision.com, the cable operators in Mumbai have already started with their surveys to find out which customer wants which Star channels. “We will start informing the customers about the Star channels going a la carte and will switch on those channels which the subscriber wants,” informs Prabhoo adding that the only way to increase the Average Revenue Per User (ARPU) is by putting channels on a la carte.
With all the other MSOs, at least in Mumbai moving to a la carte, one will have to wait and watch the packaging that Hathway comes up with. “We will be announcing the packages by 1 December,” says a source from Hathway.
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.
