News Broadcasting
SET-Discovery JV formalised; search on to get more channels on platform
Sony Entertainment Television India (SET India) and Discovery Communications India (DCI) today announced the formation of their joint venture company – SET Discovery Pvt Ltd.
And in a clear indication that Sony was on the lookout to add more channels to the “One Alliance” platform, the official release says SET “would continue to seek opportunities with other channels.”
As a continuance of the close involvement of its parent company in SET India, the JV includes two representatives from Columbia TriStar International Television – Martha Eberts and Michael March (both are also directors in SET India). The other two members of the SET Discovery management team are Kunal Dasgupta (who will be leading the company) and DCI CEO Deepak Shourie.
Shantonu Aditya, currently SET India’s head of the distribution business, will oversee day-to-day operations of the new company which will handle the distribution of both channels and will include ground cable and affiliate businesses.
Announcing the newly formed venture, Aditya said: “With Discovery joining our existing bouquet of channels, The One Alliance partnership, announced earlier this year, is uniquely placed to offer our viewers an enhanced genre of programming supported by our combined distribution strength. We are now strategically positioned to be the No. 1 television network in the country.”
SET India holds 74 per cent of SET Discovery’s equity with the remainder being with DCI. Today’s announcement comes a little over a month after the Foreign Investment Promotion Board (FIPB) cleared the JV proposal.
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.
