News Broadcasting
TDSAT puts a lock on any DTH operator carrying Star channels
MUMBAI: As the second direct-to-home player Tata Sky gears for launch, the Telecom Disputes Redressal and Settlement Tribunal (TDSAT), in an interim order passed today, has ruled that Star channels will not be made available to any other DTH platform.
The development took place as Star India gave an undertaking in this regard to the disputes tribunal, which posted the case for hearing on 3 July on a petition filed by the Subhash Chandra-owned Dish TV.
If this order is interpreted in another way, it could also mean that Tata Sky would not be able to launch before 3 July and if it does so, it would have to do without the Star channels. Its test signals for the service also would not carry any Star channels till 3 July.
Contacted by Indiantelevision.com, a Tata Sky spokesperson refused comment saying they had not received any notification from the tribunal on the matter. Star officials also declined to comment.
The Chandra-promoted ASC Enterprises, which owns a DTH licence to operate a service under Dish TV brand, had moved TDSAT on 25 April alleging that Star was flouting the sector regulator’s (Telecom Regulatory Authority of India – Trai) diktat on making available all content to all platforms on flimsy grounds.
The ASC petition states, “The unreasonableness on the part of the respondent is evident from the fact that the respondent has laid down impracticable and unreasonable terms and conditions for supply of its bouquet of channels.”
The petition also mentions that discussions with Star were initiated by Dish TV in December 2004. Star is 20 per cent shareholder in Tata Sky, while the remaining stake is held by the Tatas.
Meanwhile, Dish TV’s negotiations with Discovery-Sony joint venture One Alliance, which distributes signals of channels such as Sony, MTV, Nick, SET Max, Discovery to name a few, too, has not been concluded despite industry sources indicating that a formal announcement was due any time.
Dish TV has also won a favourable judgement from TDSAT that has directed MTV Networks to make available MTV and Nick to Dish TV on a commercial basis. MTV has appealed against this order in the Supreme Court.
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.
