News Broadcasting
Space TV inches closer to climax?
MUMBAI: Ministry of company affairs has rejected most of the contentions of the information and broadcasting ministry relating to Space TV application, while upholding a clause on affirmative rights (to say `yes’ or `no’ to a board decision) of the minority shareholder.
In its comment sent to the I&B ministry (reference: File 3/20/2005/CL-IInd), the company affairs ministry has said that except section 2, dealing with affirmative right of the minority shareholder, other issues raised by I&B don’t cut much ice.
With this, government sources pointed out, the ministry of consumer affairs has submitted its comments on one of the DTH applications, while it grapples with that of Sun TV’s, which too has come under government scanner.
Interestingly, various issues raised by the I&B ministry relating to Space TV and Sun ‘s DTH applications were not brought up when pubcaster Doordarshan started its DTH service.
Technically speaking, some of the DTH guidelines clauses should have brought DD Direct Plus too under a cloud.
Meanwhile, the ministry of company affairs does agree that the clause relating to the affirmative rights of Star Group — having almost a veto power regarding board decisions of Space TV — could be questioned.
According to Indian laws, a shareholder needs to have at least 26 per cent holding in a joint venture to have veto rights on board decisions. The affirmative rights clause in the Space TV shareholders’ agreement is similar to this clause wherein the minority shareholder has the right to accept or refuse board
decision with 20 per cent stake only.
Space TV, envisaging putting up a Rs. 16 billion DTH project in India, is a 80:20 joint venture between the Tatas and the Rupert Murdoch-controlled Star Group.
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.
