Cable TV
Punjab govt. vows to break cable monopoly, rules out blocking MSO Fastway
NEW DELHI: Even though the Congress government in Punjab has made it clear it would not tolerate monopoly in information and news distribution via cable TV, the state government clarified no particular MSO company or TV channel would be targeted and action would be taken if found guilty of tax law violations.
MSO Fastway, which holds sway in Punjab resulting virtually in a monopoly, is allegedly owned and operated by close aides of former Punjab chief minister’s family — the Badals. The decade-old MSO company also has sizable presence in neighbouring states of Himachal Pradesh, Haryana and Union territory of Chandigarh.
In an official statement, the present CM Captain Amarinder Singh on Thursday ruled out any “censorship” (read blacklisting) of MSO Fastway and Punjabi-language TV channel PTC News or any other media organization. However, he made it clear that action would be taken against media companies if charges of tax violations are proved to be correct.
Reiterating his government’s stand of providing a level-playing field to TV channels and cable operators, and, thus, encouraging healthy competition, the chief minister ruled out “vendetta politics” against political opponents, but vowed to take action against media companies indulging in malpractices.
Earlier in April, a Punjab government official was quoted by local media outlets as saying the administration was committed to break any television or cable network monopoly in the state and that it proposes to undertake a study to explore legislating setting up of a Cable Network Authority for the purpose of implementing rules and regulations to be framed for broadcasters, MSOs and LCOs to operate in the State.
On Thursday, Singh welcomed all segments of broadcasting and media businesses to establish their presence in Punjab, reiterating that his government was committed to “ending the cable mafia”.
“Let them all come and compete for the viewers’ attention,” CM Singh said in the statement, adding that with wider choice, people would reject any channel found to be engaged in “biased dissemination of news or information”.
However, the CM warned that if any channel or network, be it PTC or Fastway, is found indulging in “illegal activities in defiance of the legal provisions”, they would be prosecuted.
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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.
