Cable TV
SITI Networks’ transformation begins with slashing of bloated workforce
MUMBAI: The breeze of change is being felt at the Essel Group-owned SITI Networks. Work is on to claw the 13-million subscriber base strong MSO – which has estimated accumulated losses of Rs 650-odd million – back to profitability. And, the Essel group chairman Subhash Chandra is relying on the chief transformation officer Rajesh Sethi to do the job.
According to an industry observer: “All the major publicly-listed MSOs have to spruce up and streamline their operations keeping in mind the digitisation of cable TV. Almost all the companies’ financials are in a bit of a mess. Some more, some less. Siti Networks is no different. Hence, Sethi has his task cut out for him.”
The SITI Networks scrip – like other listed cable TV companies – has been languishing at its lowest – somewhere in the Rs 22-25 range, after reaching a 52 week high of Rs 41.35, and in the Rs 30 range for the past two years.
Amongst the first things Sethi decided to do after agreeing to take up Subash Chandra’s challenge is making presentations to investors overseas, admitting that mistakes have happened in the past, assuring them that he is seeking to rectify them with the backing of the promoters.
“Subhashji is very passionate about TV distribution and he wants to really get the company on track,” says Sethi.
Sethi has earned his stripes by building Ten Sports as a brand (before the Goel family finally sold its sports TV channel network to Sony earlier this year), and later looking after the distribution of the Zee group channels. He was then asked to take over SITI Networks’ management as CEO & ED but he preferred the title of chief transformation officer.
Sethi has been instrumental in roping back former Airtel hand Sanjay Berry as chief financial officer, who rejoined the company on 1 September. Berry had joined SITI Networks for a brief stint of three months earlier this year.
“We are committed to getting things in order,” says Sethi. “It will take time, but we will do it. People, processes and product are what we are focusing on.”
Sethi has spent the past few months reviewing SITI Networks’ operations. And his discovery was that the company had a bloated workforce: 3,500 employees, and 500 field offices – 22 in Delhi alone.
Hence, last week, he wielded the axe on headcount. Close to 670 employees were issued pink slips, with three months severance pay. Almost 100 of those asked to go were in administration. “Cost-cutting is imperative,” says Sethi. “These were people who were hired over the years, and they were there.”
Sethi points out that he has retained most of the sales force of SITI Network. “We have to keep the money coming in,” he says, with a smile.
What next? “Get the basics of business right. And, take up initiatives that bring in revenue,” he says.
That should give a lot more confidence to SITI Networks’ shareholders and investors.
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Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
