News Broadcasting
Trai fixes revenue share for stakeholders; carriage fee to stay with MSOs
NEW DELHI: The Indian broadcast regulator has finally legitimised carriage fee or the payment TV channels make to be on tunable bandwidths and cable networks. The Telecom Regulatory Authority of India (Trai) has also set the revenue sharing model for industry stakeholders.
Trai said today that from the revenue generated from pay channels, broadcasters will keep 45 per cent, multi system operators (MSOs) 30 per cent cable operators 25 per cent.
Additionally, carriage fee is to be retained fully by MSOs, while the basic tier services fee will be retained fully by local cable operators.
MSOs, according to Trai, can operate throughout a CAS area without any restriction on area of operation.
The objective of having standard interconnection agreements is to ensure that implementation of CAS does not get delayed in case service providers fail to enter into mutually acceptable interconnection agreements through negotiation within the stipulated time.
In a statement, the regulator said that apart from providing standard interconnection agreements, those dated 10.12.2004 have also been amended to prohibit such clauses in interconnection agreements that would require a distributor of TV channels using an addressable system to pay a minimum guaranteed amount as subscription fee.
Some of the highlights of the standard interconnection agreements are as follows:
# The service providers are at a liberty to enter into mutually acceptable interconnection agreements which are different from the standard interconnection agreements
# If any of the service providers in the CAS areas are not able to arrive at a mutually acceptable interconnection agreement within a time-period specified by the Authority, then they shall be required to enter into interconnection agreements as per the standard interconnection agreements
# The standard interconnection agreements between broadcasters and multi system operators have been provided only for pay channels.
# Term of standard interconnection agreements to be 12 months.
# All service providers in CAS areas who do not have pre-existing interconnection agreements as on the date of issue of this Regulation and who are not able to arrive at a mutually acceptable agreement shall enter into interconnection agreements as per standard agreements within 10 days of the receipt of permission by MSOs from the government.
# All the service providers in CAS areas who have a pre-existing interconnection agreement appropriate for operating in a CAS area as on the date of issue of this regulation, but are unable to arrive at a mutually acceptable agreement within 30 days of the expiry of the pre-existing interconnection agreement, shall enter into standard interconnection agreements within 30 days of the expiry of the pre-existing interconnection agreement.
Other details of the regulator’s latest directives on interconnect are available on www.trai.gov.in.
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.
