News Broadcasting
Prasar Bharati, WSN reach agreement on terms for ICC cricket telecast
MUMBAI/NEW DELHI: Prasar Bharati has agreed to accept a third-party guarantee for minimum revenue from Nimbus Communications Ltd for the ICC cricket matches to be telecast on national broadcaster Doordarshan.
Doordarshan has bagged the terrestrial telecast rights after negotiations with World Sport Nimbus, a joint venture between World Sport Group and Harish Thawani’s Nimbus Communications.
Though some doubts were raised initially, the decision was taken because of the legal validity of a third party giving the bank guarantee and the top honchos of Prasar Bharati decided to accept the offer. After all a bank guarantee is a bank guarantee.
The guaranteed payout varies depending on whether the cricket match is classified as A, B or C. But the average MG works out to between Rs 9 and 10 million. The per match MG varies between a low of Rs 7.5 million to a high of 15 million.
As per the agreement that was signed, Nimbus Communications and not WSN will issue a bank guarantee to DD for their share of the revenues. The escrow account will be used and reciprocal jurisdiction will apply.
However, Prasar Bharati has referred a clause of the contract between it and WSN to the I&B ministry for an opinion.
The contract with WSN stipulates that in case of any arbitration, it will take place in London under the rules of ICC. Prasar Bharati has been insisting that any arbitration, if necessary, should be done under the Indian laws and as per the Arbitration Act of the country.
“We have sought the ministry’s advise on the issue and whether Prasar Bharati should insist on its stand on arbitration in India as per Indian laws, or agree to the offer of having the arbitration settled in London under ICC rules and regulations,” a senior Prasar Bharati official said. The advise from I&B ministry is still awaited.
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.
