News Broadcasting
Sony calls off plans to buy in to Ten Sports
MUMBAI: Sony Entertainment Television (Set) India has called off its plans to buy a 50 per cent stake in Taj Television, the Dubai-based holding company that owns and operates Ten Sports. And the reasons for the breakdown in the talks, almost at the signing stage as it were, appear to be on the issue of valuation.
As per the information available with Indiantelevision.com, the “best price” that Sony was finally willing to value the channel at was $ 90 million while Taj Television was unwilling to go below $ 120 million.
What is surprising to many industry observers is that it was the vexed issue of valuation that had forced negotiations to drag on for over a year, and the general perception going round was that all contentious issues had finally been sorted out.
Another pertinent point is that, among all the various figures that have been thrown up in the media in regards to the valuation being attached to Taj Television, the lowest quoted has been $ 110 million. That Sony’s offer price is much below even this price is the other intriguing aspect of this case.
When contacted as to the reasons for the breakdown off negotiations at this late stage, Set India CEO Kunal Dasgupta refused comment except to confirm that the deal was indeed off.
“We remain in discussions with various parties,” was all Taj Television CEO Chris McDonald would offer when Indiantelevision.com contacted him in Dubai.
Aside from Sony, Ten Sports, owned by Abdurrahman Bukhatir, has been in conversation with a number of parties including South African broadcaster Super Sports, Sahara One Media and Entertainment, Reliance-ADAG and Zee Telefilms.
Among the companies mentioned, Zee would likely have the most difficulty in working out any acquisition strategy in regards to Ten Sports because the channel is already locked in to a distribution deal with the rival Set-Discovery One Alliance that runs till October 2008.
Taj Television has mandated Ambit Corporate Finance to find a strategic investor. Ten Sports would require capital infusion even as the cricket properties it currently holds (Sri Lanka, West Indies and Pakistan boards) come up for renewal.
Taj Television is 100 per cent owned by Bukhatir Investments Limited, a UAE-based conglomerate with interests in banking, construction, real estate, trading, information technology, sports and broadcasting. Ten Sports is a sports channel which broadcasts in the Middle East, Pakistan, India, Sri Lanka, Bangladesh, Maldives, Bhutan and Hong Kong.
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.
