News Broadcasting
SET India defers acquisition of SET Singapore
MUMBAI: Sony Entertainment Television India has deferred the acquisition of sister company SET Singapore as its proposed initial public offering (IPO) is unlikely to happen for at least a year.
The decision to put off restructuring of the holding was taken because it would have attracted capital gains tax. “As the IPO is not happening now, we have decided to put on hold the buying of SET Singapore. The proposed restructuring transaction would have attracted capital gains tax,” says a company source.
SET India had obtained clearance from the Foreign Investment Promotion Board (FIPB) to acquire 100 per cent shares of SET Singapore through a share swap transaction. According to the proposal, one share of SET India was to be exchanged for 16 shares of SET Singapore. Post-restructuring, 60.65 per cent of the SET India equity would be with the Sony Pictures Entertainment (SPE) entities, 19.83 per cent with non-resident Indians and overseas corporate bodies, 7.68 per cent with foreign institutional investors and 11.84 per cent with Indian shareholders.
SET India’s proposed IPO is also on hold, the source says. SET India CEO Kunal Dasgupta, however, refused to comment on the issue. The company has long been weighing the option of going for an IPO.
According to the source, Dasgupta had made a presentation to Sony Pictures Entertainment (SPE) chairman and CEO Michael Lynton a few months ago on SET India’s growth prospects. In his presentation, he had listed an IPO as one of SET India’s plans. “SPE’s new CEO had called for presentations from its different entities. A few months back, Dasgupta earmarked SET India’s growth plans as including an IPO,” says the source.
SET India plans to acquire SET Singapore and consolidate operations before going in for an IPO. SET Singapore has invested in acquisition of television serials and Hindi feature films, besides ICC telecast rights for India and other parts of Asia till 2007, including two World Cup tournaments. In its FIPB application, Sony had said: “All major investments of SET Singapore are now close to maturity and are likely to become profitable in the near future. The benefits of these investments would accrue to SET India in the coming years through the process of consolidation. This will increase SET India’s valuation.”
The consolidation process, according to the source, will start only when SET India is more definite on when it is going to launch its IPO.
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.
