News Broadcasting
Time Warner and EMI merger talks point to a deal
NEW YORK: Time Warner is going ahead with plans to merge its recorded music operations with EMI as the long-awaited consolidation of the global music business gathers speed.
Executives at Time Warner still favour a deal with EMI, The Financial Times quoted people familiar with the negotiations as saying over the weekend. This is even after Sony Music and BMG, the music division of Bertelsmann, last week signed a non-binding letter of intent to combine their recorded music operations in a 50-50 joint venture.
The Sony-BMG deal raises the prospect of the two mergers racing to win approval from competition authorities. Regulators, who in 2000 twice blocked a sale of EMI, are expected to look more favourably on a merger following the sharp decline in industry sales and the rise of Internet piracy.
However, observers believe it is less likely that they would allow the global music business to consolidate from five to three large players. Eric Nicoli, EMI chairman, and Jeff Bewkes, chairman of Time Warner’s entertainment network division, had talks last week in a meeting which people familiar with the matter described as ‘constructive’. Sources said EMI had promised a senior role for Roger Ames, head of Warner Music, in the enlarged group if a deal is agreed.
The talks come as EMI also considers a rival approach from a private consortium led by Edgar Bronfman, the former chief executive of Seagram, and Haim Saban, the billionaire media investor. The group, backed by private equity investors, is thought to be willing to pay more than US$2.2 billion for Warner Music’s operations including its Warner Chappell music publishing arm.
EMI is proposing to pay Time Warner about US$1 billion in cash for Warner Music while giving it a 25 per cent stake in the enlarged company. The deal would allow Time Warner separately to sell Warner Chappell, valued at about US$1.2 billion.
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.
