GECs
Sony’s India reboot: fresh faces, big bucks and a bold digital bet
MUMBAI: Sony Pictures Entertainment (SPE) is doubling down on India, rebooting its strategy under new leadership and betting big on digital, cricket and content to reclaim lost ground in the subcontinent’s fast-evolving media landscape.
Speaking at SPE’s annual presentation, chief executive Ravi Ahuja described India as a “tremendous opportunity” amid the country’s strong economic and population growth. The rejig came more than a year after the collapse of Sony’s much-hyped merger with Zee Entertainment.
At the heart of the reshuffle is Gaurav Banerjee, former Star India top content boss, now managing director and chief executive of Sony Pictures Networks India (SPNI)— Culver Max Entertainment.
Banerjee’s mandate: fix the fiction, fire up streaming, and sharpen Sony’s distribution game.
SPNI, which runs 27 TV channels and the SonyLiv platform, reported Rs 839 crore in profit on Rs 6,510 crore revenue in FY24. The company is now funnelling fresh investments into digital, particularly SonyLiv, as part of a broader growth revival.
“We are rebuilding and reorienting our growth strategy, including investment in digital and our Sony LIV streaming platform,” said Ahuja. “We recently secured exclusive media rights for all Asian Cricket Council (ACC) tournaments from 2024 to 2031, which we anticipate will boost viewership and enhance Sony LIV.”
The sticker price: $170 million. It also shelled out $200–250 million for the England and Wales Cricket Board rights, sub-licensing the digital India tour rights to JioHotstar but retaining TV control. But there’s a wrinkle: the upcoming Asia Cup in September may be under threat due to rising India–Pakistan tensions post the Pahalgam terror strike.
Meanwhile, Sony Entertainment Television (SET) is in revamp mode. The channel, battling ratings pressure in fiction, is reloading its primetime slate with a rebooted Bade Achhe Lagte Hain, mythologicals like Prithviraj Chauhan and Shirdi Wale Sai Baba, and the upcoming thriller Aami Dakini. Tentpoles like Kaun Banega Crorepati, Shark Tank India and Indian Idol continue to anchor the lineup. SET also remains a YouTube juggernaut, with 184 million subscribers—ranking fourth globally.
Globally, SPE posted sales of $9.9 billion and operating income of $774 million despite the Hollywood strike denting series output and SPNI dragging on profits.
Sony may have dropped its Zee alliance, but with a rejigged team, fresh IP, and digital firepower, its India innings appears to be just getting into super scoring mode. With both Ahuja and Banerjee fresh at the crease and gradually getting their shots right, SET might well hit it out of the park this time.
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.
