Cable TV
RIL subsidiary gets Competition Commission nod for Den, Hathway acquisition
BENGALURU: The Mukesh Dhirubhai Ambani led Reliance Industries Limited has informed the bourses that permission from the Competition Commission of India for acquisition of shares and control of Den Networks and Hathway Cable & Datacom (Hathway) by six SPV 100 percent owned and controlled by Digital Media Distribution Trust of which Reliance Content Distribution Limited, a wholly owned subsidiary of Reliance Industries Limited, is the sole beneficiary, has been received on 21 January 2019.
The approval will enable subscription to the preferential issue of equity shares by Den and Hathway and purchase of equity shares of Den from the existing promoters, as specified in the disclosure dated October 18, 2018.
RIL is now waiting for Securities and Exchange Board of India (SEBI) comments on the draft letter for mandatory open offer to shareholders of (a) Den; (b) GTPL Hathway Limited; and (c) Hathway Bhawani Cabletel and Datacom Limited,
Yesterday, Den Networks had informed the Stock Exchanges that (i) Jio Futuristic Digital Holdings Private Limited, (ii) Jio Digital Distribution Holdings Private Limited and (iii) Jio Television Distribution Holdings Private Limited (collectively referred as “investors“) have received the above referred approval.
Also, yesterday, Hathway had informed the Stock Exchanges – “Further to our intimations dated 17th October, 2018 and 14th November, 2018 with respect to Boards' and Shareholders' approval for raising of funds up to Rs. 2940,00,03,500 (Rupees Two Thousand Nine Hundred and Forty Crores Three Thousand and Five Hundred only) through preferential allotment to Jio Content Distribution Holdings Private Limited, Jio Internet Distribution Holdings Private Limited and Jio Cable and Broadband Holdings Private Limited (the "Proposed Investors"), please be informed that the Proposed Investors have received the approval from the Competition Commission of India on January 21, 2019.”
Hathway had also submitted a copy of the Letter of Offer dated 21 January 2019 to Stock exchanges.
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.
