News Broadcasting
SC ruling gives FM lifeline to Millenium Broadcasting
MUMBAI: There’s hope yet for Millenium Broadcasting, one of the early entrants into the FM scene in Mumbai with its Win 94.6 station, but which has been off air since May 2004.
The Supreme Court has thrown a lifeline to the Gautam Radia promoted private radio venture in its long drawn battle with the government, initially fought through the Telecom Disputes Settlement Appellate Tribunal (TDSAT).
The apex court, which heard the case last week, has ruled in Millenium Broadcasting’s favour, concurring with TDSAT’s judgment in the matter. TDSAT had earlier ruled that the government shall not auction the frequency 94.6 MHz and that the company was entitled to broadcast FM radio within the territory of Mumbai.
In its ruling, TDSAT had also ordered that Millenium Broadcasting was entitled to the benefit of migration from fixed licence fee regime to revenue sharing regime under the second phase of the FM radio policy, which grants this benefit to the existing license holders.
For the record, the licence of Millenium Broadcast Pvt Ltd was revoked in May 2003 for non-payment of licence fee. Subsequently, in September 2005, the government had invited pre-qualification bids for 338 FM channels in 91 cities across the country, including five FM stations in Mumbai.
After hearing Millenium Broadcast’s plea in the matter, TDSAT issued an order in October 2005 stating that the frequency shall be excluded from the ambit of the five FM channels in Mumbai that were up for bidding.
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.
