Cable TV
Technicolor raises €375m loan to fund Cisco STB biz & The Mill acquisitions
MUMBAI: To finance the recent acquisitions of Cisco’s set-top-box (STB) business as well as the purchase of British visual effects studio The Mill, French media company Technicolor has raised a €375 million five year incremental term loan maturing, which is due to be syndicated in the coming days.
Additionally, the company will also increase its capital with preferential subscription rights of up to €225 million.
The combination of the incremental term loan and of the rights offering would allow Technicolor to maintain a healthy balance sheet pro forma for the acquisitions of Cisco’s Connected Devices business for a sum of €550 million) and The Mill for €259 million and appropriate financial flexibility for future growth.
The envisaged financing transactions should result in a pro forma expected leverage (Net Debt to Adjusted EBITDA) of 1.7x at end 2015 and include:
1) An incremental term loan of €375 million maturing in 2020 fully underwritten by Goldman Sachs, the syndication of which will start in the coming days;
2) A Rights Offering of up to €225 million, which Technicolor will launch after the publication of its Q3 2015 revenues. Banks have been appointed and are committed to underwrite the Rights Offering, subject to customary conditions; and
3) Approximately €100 million of cash-on-hand will also be used to finance the acquisitions.
The Incremental Term Loan: Concurrent with the announcements of the strategic acquisitions of Cisco Connected Devices on 23 July, 2015 and of The Mill, Technicolor will launch an Incremental Term Loan in €375 million equivalent aggregate principal amount, to help fund those transactions in conjunction with the planned Rights Offering and cash on hand. The Incremental Term Loan is being led by Goldman Sachs International as Sole Lead Arranger and Bookrunner.
The Rights Offering: Technicolor will raise up to €225 million of new equity through a capital increase with the issuance of new ordinary shares. Existing shareholders will receive preferential rights to subscribe for new shares. The Rights Offering will be launched post announcement of Q3 2015 revenues on 21 October, subject to market conditions and receiving the visa from the French Autorité des marchés financiers.
The terms of the Rights Offering will be announced at the time of launch. Banks are committed to underwrite the Rights Offering, subject to customary conditions. Upon the launch of the Rights Offering, the company will publish a prospectus in respect of the Rights Offering, which will be available on the website of the company.
In addition, as was previously announced, the acquisition of Cisco Connected Devices will be partially financed through the delivery to Cisco of Technicolor newly-issued shares.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
