GECs
TWI to acquire independent production firm Darlow Smithson
MUMBAI: Sports content producer and distributor TWI has acquired the London based factual independent production company Darlow Smithson Productions (DSP).
TWI, will finance the acquisition entirely with capital from parent company IMG. The acquisition significantly expands TWI’s non-sports production output, enabling it to become a market leader in high quality factual programming, as part of its continuing growth strategy.
For DSP, the agreement enhances its position as one of the top global factual production companies and gives access to new opportunities and new technologies.
Key to the acquisition is DSP’s outstanding worldwide reputation as an innovative, factual programming leader, delivering ground-breaking documentaries, series and docu-dramas with a growing annual output of more than 100 hours and an annual turnover of £20 million. In a global peer poll just released, DSP has been named as one of the seven most notable companies in the world in non-fiction production, selected for its inspirational and trendsetting programmes.
DSP’s programme portfolio includes multi episode returning series I Shouldn’t Be Alive (Channel 4, Discovery US), Seconds From Disaster (NGC/NGCI) and Channel 4 documentaries The Falling Man, Blitz: London’s Firestorm and The Somme. DSP’s Touching the Void was the UK’s most successful ever theatrical documentary.
TWI senior VP production and business development Alastair Waddington said, “We are delighted to acquire such a prestigious company as Darlow Smithson Productions, whose reputation in the factual arena inspires admiration all over the world. The respect that DSP commands from global broadcasters and clients is reflected in its growing stature, increased turnover year on year and more than 25 international awards to date. DSP harnesses some of the industry’s most creative and technical talent, and we look forward to its continued success and growth, while maintaining its distinctive identity as a producer of top quality programming.”
DSP executive chairman and creative director John Smithson said, “This is an exciting opportunity for us at the right time in the growth of our company. The Darlow Smithson name remains – same people, same creativity, same editorial standards. But going forward, it will bring much more. TWI and IMG Media will provide us with an extensive international structure to help us grow DSP, including areas like new media where it has significant experience, strengthening our relationships with clients and enhancing our creative development.”
IMG chairman and CEO Ted Forstmann said, “IMG is already a major player in worldwide distribution, rights management and multi-platform exploitation including new media, and the acquisition of Darlow Smithson Productions will enhance the company’s global assets and help us achieve our growth ambitions. Going forward, we are prepared to invest in development and production of content, and intend to pursue additional innovative business partnerships in order to maximise those goals.”
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
