GECs
Sony Pictures Networks India turns 25
MUMBAI: Sony Pictures Networks India (SPN) has completed 25 years in the country, and to commemorate the silver jubilee, SPN MD and CEO NP Singh penned a special letter to thank SPN’s members for accompanying them on this journey.
On 8 October 1995, when the Indian broadcast industry was still taking baby steps, Sony ventured into the Indian market with the launch of Hindi general entertainment channel (GEC), Sony Entertainment Television.
“From one channel, bit by bit, we became a 24-channel network with a digital OTT service SonyLlV, a film production arm, SPN Productions, and a content creation studio, Studio NEXT,” wrote Singh about the network’s growth trajectory.
The company has steadily grown over the years to an employee count of around 1,200, with its services available across 167 countries and reaching over 700 million viewers. “Today, Sony Pictures Networks, is among the top entertainment and sports networks in the country, recognised as an employer of choice within and outside the media fraternity,” he wrote.
Singh then touched upon the biggest gamble he took in his career: entering into uncharted territory with the Indian Premier League (IPL). This move came at a time when cricket leagues were unheard of. But his bet paid off in a big way. The network moulded IPL into one of the most valuable sports entertainment properties in the country.
Challenging the status quo has always been in SPN’s DNA, he wrote further. “Creating category firsts over the years stands out when I look back. After the launch of SET in 1995, came the launch of Sony MAX in 1999. It was a one of its kind channel that offered to our viewers blockbuster Hindi movies, cricket and special events. This created a unique and unparalleled three-pronged channel identity which has not been replicated since. Some of India's most iconic entertainment properties that have stood the test of time have been from the SPN stable.”
Singh went on to highlight how SPN has always observed fiscal discipline, writing: “We have invested where we expected a strong strategic and economic value and exited from properties which appeared unviable over the longer term.” This included launching SAB in 1995, Sony Max in 1999, and then acquiring TEN Sports, Sony Aath, and the launch of kids channel Sony YAY!. They also forayed into the regional space with Sony Marathi.
In the early years, Singh realised that digital needed to be the cornerstone of the network’s strategy. In 2013, SPN became the first broadcaster in the country to launch an OTT platform – SonyLIV. “I am confident of its bright future,” affirmed Singh.
He elaborated on the subject of SPN’s collaboration with international players and how it has set the network apart from its competition. “We have forged a strong partnership with BBC Worldwide to launch a very successful premium factual entertainment channel, Sony BBC Earth. Our long-standing partnerships with some of the biggest names in the world of sport including WWE, NBA, Cricket Australia, ECB and Sri Lanka Cricket, bring live content to our viewers in India.”
When it comes to a fair and inclusive workplace, SPN has been recognised by the industry as one of India’s Great Places to Work, said Singh, adding: “We envision a company where in the next five years, 50 per cent of our workforce will be women, people with disabilities or from the LGBT+ community.”
Though only time will tell what shape or form the company will take in future, Singh is determined to ensure that SPN only goes from strength to strength.
He stated: ‘It’s been an eventful journey of 25 years and we have come a long way. We will continue to go all out and live up to our corporate ethos of ‘Go-Beyond’, not just in name but in action and spirit.”
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
