Cable TV
TV industry needs to address structural issues to absorb capital
MUMBAI: The media and entertainment industry will be able to receive large doses of capital only after sorting out several issues, investment bankers at a seminar today said.
Size, consolidation and scale are hurdles that prevent serious investments into the filmed entertainment business, said Carlyle Asia Investment Advisors managing director Rajeev Gupta, while speaking at FICCI-Frames 2006 on “Financing options for Indian Entertainment Industry.”
The industry will not be able to absorb capital if the structural issues are not addressed. “Size will be able to deal with volatility. Consolidation pressures are there. Scale also has to be built up, particularly for single theatres. Everybody is so sub scale that the top six listed film entertainment companies earn just Rs 2 billion,” he said.
With such issues dogging the industry, Waygate Capital is investing in ventures like animation and gaming where technology meets entertainment. “The outsourcing model in animation is not right for India which is about 20 years behind other Asian markets. China, Philippines and Korea have developed a maturity. The focus should be on an IP-driven approach,” said Waygate Capital managing director Rajesh Jog.
On the gaming side, however, India can be at the forefront of the outsourcing model. There is a rich domestic market to tap too. “In mobile gaming business, we have the chance of becoming leaders. Online gaming is also likely to see growth,” Jog said.
Waygate is planning to float a film content fund. “We are in talks. We haven’t yet decided on the corpus,” Jog added.
Which sector is receiving private equity financing? “Broadcasting and print is where capital is going as there are several organised players and scalability is possible,” said GW Capital Private Ltd partner Vikram Narula.
The last mile business like film exhibition is seeing capital infusion. Once addressability is in place, there will be investment opportunities in Cable TV. Direct-to-home (DTH) will also attract investments.
“Film and TV content businesses have not seen much private equity. Radio is a new area which can lure in investors,” Narula said, whose company acquired Star’s stake in Radio City.
Poor performance by many listed media companies have pulled down the credibility of investors in the sector. But what will generate interest in film financing? “Tax structures have to come down to bring down prices and create more demand. The sector needs consolidation. Special verticals like film funds have to be floated,” said Ambit Corporate – Finance Pte Ltd managing director Ashok Wadhwa.
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.
