GECs
RIO to affect Star’s sports and niche channel distribution: MPA
MUMBAI: Star India’s new distribution approach has been the talking point for the industry. And now highlighting the same is Media Partners Asia (MPA) in its new report.
Post the announcement of Reference Interconnect Offer (RIO) deals by Star, most multi system operators (MSOs)in order to keep both content cost and churn under check, opted to carry Star’s key Hindi channels on the base pack, along with free-to-air channels and lower RIO rate channels such as Nat Geo. In certain markets, 1-2 relevant regional channels have been bundled in the base pack.
Not only this, many of the niche channels (English cluster) have been moved to higher or expanded basic tiers or available on a-la-carte basis.
“This will adversely impact channel reach and viewership. However, the revenue losses on these channels will be partially compensated by reduction in carriage fee costs,” says MPA in its report.
MPA, however sees a bigger risk, potentially to Star’s sports channels, as sizeable investments have already been made to creating non-cricket sports leagues leveraging Indian soccer and badminton.
“These leagues are still in their infancy and require maximum distribution reach,” points out MPA.
It further goes on to say that in cricket too, Star will broadcast the ICC World Cup in February 2015. However, according to MPA, with all India matches, semis and finals also available to viewers on public broadcaster Doordarshan, Star may have to rethink its incentive schemes in order to maximise its distribution of sports channels.
MPA estimates that the commercial rollout of package could take at least two to three months (completing in the early half of Q1 2015) and in the meantime, the delay will put pressure on the distribution of Star’s niche channels.
“New channel launches for Star could also become equally challenging as it loses the luxury of having 100 per cent sampling on the cable platform,” it reports.
In conclusion, Star’s new distribution strategy, will be a true acid test of consumer demand for its portfolio of channels. Viewership trends over the coming weeks will reflect such demand.
“On a positive note, the outcome will help Star to prioritise and rationalise its content budgets, which have swelled across multiple genres, in recent years,” opines MPA.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
