Cable TV
MSOs to put Star’s popular channels in base pack, regional in a-la-carte
MUMBAI: As the deadline for signing deals with Star India for its channels on reference interconnect offer (RIO) ended on 10 November, MSOs are preparing various options to deal with the altered business plans.
While the network is providing all its channels only on RIO, MSOs are finding out different ways to package the channels. India’s leading MSO Hathway is currently creating new packages that it will roll out soon. Says a source, “We will be redefining our packs and giving revised rates soon. Marketing on the same will commence as well. It will be something new for the trade.”
While the base pack could include the popular channels from its bouquet, the regional channels will only be on a-la-carte. English, sports and others will be categorised in different packs. The channel had initially disconnected signals in October, but now the channels are switched on again.
IMCL’s InCable on the other hand has also followed a similar pattern. The base pack will consist of Star Plus, Life OK and Star Pravah, the latter due to its large presence in the state of Maharashtra. The regional channels such as Star Jalsha, Star Vijay, Asianet, Suvarna etc will be on a-la-carte.
“We have decided to put the popular channels on the base pack for three months to avoid unnecessary system overload due to people calling for it. Slowly, they will also be moved out into a-la-carte once we educate consumers. Soon we will also have proper EPRS, CAS and also net billing,” says IMCL group MD and CEO Tony D’silva. The MSO has taken Star’s incentives for channel penetration by putting three in its base pack.
According to an official from Den Networks, the MSO has not yet signed the deal and is yet negotiating. Advance Multisystem Broadband Communciation (AMBC) in Kolkata will ensure all 26 channels will be given to consumers while another Kolkata based MSO said that the agreement with Star has been signed but it is evaluating the incentive schemes.
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.
