News Broadcasting
Swaraj makes strong defence of CAS
NEW DELHI: In what is a strong defence of the conditional access system (CAS) Information and broadcasting minister Sushma Swaraj today likened CAS to a multi-cuisine thali: you get what you order for and pay for what you consume. She also sounded confident about getting the CAS issue passed in parliament during this session itself.
“At a time when the consumer is crying for help from the government because of the ever increasing monthly subscription of cable, the government cannot sit back and express its helplessness,” Swaraj told journalists today after a meeting with cable operators, adding, “What we are doing is minimal intervention in the interest of every stakeholder in the cable and broadcasting industry, including the consumer.”
Swaraj also said that some politicians (like Congress Member of Parliament Kapil Sibal) are “spreading misconceptions about CAS which is unnecessary.”
“I am hopeful and confident that the amendments to the Cable TV Networks Regulation Act, 1995 will be passed during this session of Parliament,” she said to a query from indiantelevision.com, adding that talks with non-NDA party representatives will be held tomorrow on CAS.
“The Bill has not been withdrawn from RS, but only delisted to evolve a consensus on the issue amongst all political parties,” she said.
She has conveyed to the cable operators, in the meanwhile, that “pressure tactics” by blacking out TV channels would not work and Parliament cannot be set deadlines to discuss issues. “Such moves are against the dignity of Parliament,” the minister said.
The non-NDA party representatives whom Swaraj is meeting tomorrow to evolve a consensus on the CAS issue include Congress’ Sibal, Nilotpaul Basu of the CPM, Samajwadi Party’s Amar Singh and Prem Gupta.
“The amendments to the CATV Act were passed in Lok Sabha (the Lower House of the Indian Parliament) with unanimity and our endeavour is to do the same in the Rajya Sabha (Upper House) too,” Swaraj said.
But she admitted that within the CPM (which had been opposing CAS in RS) too there were divisions on CAS. Over the past few days she has held talks with people from other political parties too like RJD, TDP and Biju Janata Dal.
Swaraj stressed on the point that the government is not resorting to “censorship” through CAS and that those who are harping on this fact are “spreading misconceptions.”
“The government is not deciding on which channels subscribers should see or not see. All that we are trying to ensure is that consumers are not fleeced by ever-rising cable subscription fees and that even in the free-to-air bouquet there is a good mix of channels from all genres,” the minister said to a question on indirect censorship.
She likened the latest initiatives to a thali where a consumer can have paneer (cottage cheese) and meat too if he can afford it (that means the pay channels) or can go in a for a simple one course meal of FTA channels for a nominal fee.
She also said that with CAS gaining currency in the country the prices of set top boxes (STBs) are likely to fall drastically.
“I have been given to understand that even if 20 per cent of the total existing cable homes go in for CAS and have to buy STBs, then the volume of business will have a STB being priced between Rs. 1,700-2,000 (a far cry from the Rs. 4,000 for which a STB can be had now),” she said.
She also felt that with the passage of time various business models would evolve for supply of STBs. According to her there may be some subscribers who may buy a STB outright, then there may be some who pay a nominal rent per month for a STB installed by the cable operator and there can be a situation where the broadcasters having pay channels will supply STBs to subscribers almost free so that their pay channels can be seen and accessed.
Though Swaraj could not find time to meet James Murdoch, chairman and CEO of Star Group Ltd, she did mention that Murdoch had told a bureaucrat that Star was not against CAS.
Murdoch, met the information and broadcasting secretary Pawan Chopra earlier in the day as also Prasar Bharati CEO KS Sarma.
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.
