News Broadcasting
Leave CAS, pricing to market forces, Guthrie urges
MUMBAI: Content, scale and customer service and marketing were the three key areas Star TV CEO Michelle Guthrie identified as the driving forces for the development of pay TV markets in her address at the plenary session of Frames 2004.
Referring specifically to India and the current regulatory debates going on, she stressed on three points. It would be incorrect on the part of the government to try and mandate the introduction of addressability or CAS. On the related issues of pricing as well as packaging of channels in bouquets or tiers, she said the norm globally was that these were driven by market forces and not mandated.
Packaging of channels is the norm globally and should be allowed because it allows providers to package the products they have to suit market and customer requirements, she said.
We really believe in this market and to help expand the pie, all players should work together, she added.
As a climax to the three-day convention- Creating opportunities: Vision 2020- Future Perfect?, the plenary session had Infocomm Development Authority (IDA) of Singapore assistant director Kimberley Foo talking about digital asset revolution. We, at Singapore, have a similar problem like yours. We have massive information, which is yet not organised, she said. In a bid to showcase IDAs digital capabilities, Foo spoke on how India could benefit from a collaborative deal with Singapore. With their expertise in digital cinema technology, games technology, video and audio distribution and association with the organization meant better and organised future for the Indian media.
After a technically sound pitch, Guthrie stepped up to offer her take on the pay TV scenario worldwide and especially in India. Comparing the status of Indias pay TV market to the rest of the world, she insisted that pay TV definitely has a future. Continuing the line she had taken at her maiden speech earlier in the day, Guthrie insisted that the despite the initial skirmishes, pay TV has a future. With a promise to cater to quality, interactivity, scale and consumer service, pay TVs value for money proposition would be beneficial not only for the operators but also for the consumer, she said. If you have a price cap, then there is very little initiative, she insisted.
In her speech, she also added that it was rather unwise to fight for a la carte option in pay TV scenario as logistically it was difficult to manage.
On a pointed question from indiantelevision.com that it was the free market which drove the subscriber base to 50 million in this country, and the same dynamics that has led to the conflict among players in the business, what should be role of a regulator, Guthrie would not be drawn on a clear answer except to say that there should be more dialogue between the parties.
Guthrie also sees potential in more niche channels entering India. I dont see a womens channel, health channel, gardening channel so there is certainly space for some more on the horizon, she said.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
