Cable TV
Trinity’s tryst with cable biz ends
NEW DELHI: Former Star India distribution head Arun Mohan, who had started a cable TV distribution business in 2003, has shuttered it citing unviable business model.
At the same time, Mohan’s company, AM Trinity Platco Pvt Ltd, is exploring other business options in the television and cable space, including digital delivery of content.
Confirming to Indiantelevision.com that the cable business has been shut down, Mohan said, “We had to get out of the cable business as our initial premises did not work out. CAS, which was a probability in 2003, did not happen.”
Mohan’s company, AM Trinity Platco Pvt. Ltd had stitched a 10-year lease management deal with Delhi’s Punj family-controlled Spectranet, a multi-system operator (MSO) that has also laid fiber optics in certain parts of the city with plans to offer broadband services. The deal was done in 2003.
Pointing out that the company slowly realized the payout to pay broadcasters was more than the earnings through household subscriptions, he admitted, “This made the business unviable.”
Mohan was attempting to build a multi-system operator (MSO) company, starting off with Delhi, in this fragmented and cut-throat Rs. 15,0000 million cable industry.
Trinity’s tryst with distribution came to an end with Mohan formally announcing the decision to the company’s cable-franchisees few days back, subsequent to which the cable ops hitched up with other MSOs and bigger independents.
The MSO that has gained the maximum in the Delhi region is the Hinduja-controlled INCablenet, which is said to have cornered most of the 25,000-odd households and franchisees being serviced by Trinity.
The deal signed with Spectranet entailed Trinity paying a flat monthly fee for usage of former’s infrastructure. Over a period of time, Trinity had acquired about 23 franchisee cable operators, mostly in the up market South and Central Delhi areas.
Spectranet, which started off at a time when the dotcom boom was on and talks of broadband services were being bandied around, has never been a dominant player in Delhi’s cable TV scenario.
Meanwhile, according to Mohan, his company is testing waters in Delhi, Rajasthan and another state with a new business model.
Trinity supplies cable ops in these three states with a free compact disc containing five-hour entertainment mish-mash, including movies.
The cable ops air these programmes on their home video network, while Trinity is trying to convince advertisers to be part of the entertainment package through commercial deals.
“It’s a concept that needs to be marketed aggressively and presently the advertising is just a trickle. But we are hopeful it would pick up,” Mohan admitted.
Trinity has bought the rights of some movies, while snapping up, albeit cheaply, telecast rights of some serials too that were made by a joint venture company promoted by an Indian and Australian media tycoon Kerry Packer.
“Some of these serials have never been aired and we feel they could be marketed,” Mohan said, keeping his faith in the television industry still intact.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
