News Broadcasting
SET aims for No. 1 perch on subscription revenues
Sony Entertainment Television has set itself an ambitious agenda for the year ahead on the distribution front. By the end of this fiscal, it aims to become the number one network as far as subscription revenues are concerned.
This the brief that Shantonu Aditya, SET’s senior vice-president franchise channels & distribution has before him. Says Aditya: “One of the objectives for the year ahead is to set benchmarks and standards for ourselves. To be the Number 1 network. This doesn’t mean just subscription revenue collections. It includes customer care and the institution of systems and processes which bring a high level of professionalism into the way we function. We are investing a lot in training our people as well in building relationships with our affiliates.”
While Aditya was not willing to offer any revenue targets, SET will at least have to cross what Star India is expected to take in this year at the current network subscription rate of Rs 40.50, which according to industry sources is about Rs 2500 million.
Obviously it helps that SET has bagged the telecast rights to all ICC designated one day international cricket, including the next two cricket World Cups over the next six years which is what will be the pivot on which the drive forward will be executed. Then there is the “quality package” that is the “One Alliance” – what the distribution joint venture between SET and Discovery is called. The JV is identical to the one that Zee Telefilms and Turner India formed last December as far as the stake breakup is concerned. Sony has a 74 per cent stake and Discovery holds 26 per in the JV.
Aditya, who is also president of the Sony Discovery JV, elaborated on the “One Alliance” subscription packages on offer thus:
| Any one of the four channels SET, SET MAX, AXN or Discovery – Rs 36 |
| Any one of the two channels CNBC India or Animal Planet – Rs 15 |
| Any two channels – Rs 36.50 |
| Any three channels – Rs 37 |
| Any four channels – Rs 38 |
| The full six-channel package – Rs 40 |
News Broadcasting
Network18 posts Rs 1,955 crore revenue, narrows FY26 losses
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.
