News Broadcasting
Liberty actively exploring India entry options
MUMBAI: If everything falls in place, India could well be the next operational port of call in Asia after Japan for the John Malone-controlled Liberty Media.
Says Shane O’Neill, SVP, chief strategy officer and board member, Liberty Global, “Over the last six years, we haven’t looked too closely at this market. But now I want to get a more informed view.” When queried over the credible buzz that had surfaced at one time that Liberty might buy in to the Hinduja Group’s InCableNet, but that the deal fell through over valuations, O’Neill dismissed it as market speculation.
Asked as to what Liberty’s entry route into the Indian market would be, O’Neill said those calls had still to be taken but it was “highly unlikely we would enter without (an Indian) partner”.
“Currently India is the best opportunity in Asia, even more than China. We have the appetite to invest in these markets and are not worried about the complexities that exist,” O’Neill avers.
There are four key issues that Liberty has identified as being critical to its India rollout plans:
1. Figure out a partnership strategy;
2. Garner a complete understanding of the regulatory environment in the country.
3. Understand the government’s attitude to foreign investment in the sector;
4. Come up to speed on the ground situation.
O’Neill also raised the point about a the need for a level playing field as regards investment opportunities. The same set of rules should apply to telcos / cable and satellite companies, he said.
As regards the cable scenario, his view is that FDI and channel pricing are the two issues that really need to be looked into. On pricing, O’Neill opines that government intervention should only be as regards the basic service; for everything else it should be left to the market.
Asked about the impact of CAS, he said that the rollout of addressability would certainly incentivise the likes of Liberty to enter India.
O’Neill did stress however, that Liberty was not going to rush into anything but would not be conservative in its thinking either. According to him, the media major’s mantra was “Informed aggression, not instinctual aggression.”
Subhash Chandra has stated that WWIL (erstwhile SitiCable) will be pumping in $ 200 million over the next two years as part of an aggressive growth strategy that is underpinned by the switchover to digital delivery. Could Liberty facilitate that effort? Time should tell.
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.
