News Broadcasting
UTV IPO post-September; 12 m. shares at Rs 5 on offer
MUMBAI: 2004 looks to be turning into the year for media public offerings. After Aaj Tak and NDTV, it is the turn of UTV promoter Ronnie Screwvala, who has finally fixed the time-line for his much delayed public issue.
UTV’s IPO is expected to happen anytime between September and November, according to a company statement issued a short while ago. 12 million shares of Rs 5 par value is what will be on offer in the issue, the prospectus for which will be filed with the Securities and Exchange Bureau of India (Sebi) within the next three weeks. Of this 12 million, 6 Million will be fresh offer.
When asked how much he expected to raise from the public issue, Screwvala said it would depend on the market response. He however, added that the IPO would at the very least mop up Rs 1 billion.
Paving the way for the public issue as it were, Screwvala today announced that he has concluded the buy back of shares from News Corp (Star) as well as partly from leading Canadian investment fund manager CDPQ. The buyback will consolidate Screwvala’s shareholding, pre-IPO, to 54 per cent in holding company UTV Software Communications Limited.
CDPQ, which invested fresh equity of 9.6 million shares in UTV over two-and-a-half years ago, had initiated a scaling down of all its investments in Asia last year, according to the statement issued by UTV. Screwvala has therefore signed an agreement with CDPQ to buy back 3.6 million shares. The remaining 6 million CDPQ shares will be offered for sale in the forthcoming IPO.
CDPQ currently holds a 31 per cent stake in UTV, which will go down to 21 per cent following the buyback and further down to zero on completion of the public issue process, Screwvala said.
As for Star, Screwvala will be buying back 4.54 million shares, which represents a 15 per cent stake in UTV.
On the completion of these two transactions, Screwvala’s consolidated holding in UTV will move up to 54 per cent, pre-IPO. When queried as to what the buybacks represented in cash outflow terms, he declined to offer any numbers.
Commenting on the deal, he says, “In my original shareholder’s agreement with News Corp, I had an option to buy back shares pre-IPO and I have exercised that option to increase and consolidate my shareholding.” He adds, “UTV and Star share a multiple strategic relationship in television content, in movie co-productions, in Vijay TV and more recently in the distribution alliance for our kids channel Hungama TV, and we will continue to build on these strategic relationships.”
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.
