GECs
Zee tipped to be Nimbus’ telecast partner; uncertainty in the UK
MUMBAI: A day after Nimbus Communications clinched a $612.18 million (Rs 27.24 billion) global media rights deal for cricket to be played in India for the next four years, all speculation revolved around the telecast partner Harish Thawani’s production company would announce on 22 February.
Nimbus begins its term as global media rights owner for all international and domestic BCCI-organised cricket with England’s tour of India that kicks off with the first Test in Nagpur from 1 March. England is scheduled to play three Tests and seven ODIs in the country over the next one and a half months.
All bets currently are on Zee Telefilms being the broadcaster that will be the telecast partner for this series (and for the rest of the four years that the deal runs uptil 31 March, 2010). Media rumblings around this have already begun. A report in Kolkata’s The Telegraph newspaper quotes some of Zee’s rivals as expressing “suspicion that Nimbus will resell the rights to Zee.” The paper cites unconfirmed reports that ESPN-Star Sports and some other bidders were huddled in strategy meetings over the matter.
And further afield, in the UK, both television and radio coverage remains in limbo as Nimbus has reportedly hiked its asking price.
First there is News Corp-controlled British Sky Broadcasting (BSkyB), which incidentally had bid for the UK territory but was disqualified because it included caveats in its bids. BCCI vice-president and marketing panel chairman Lalit Modi had clearly specified at the time of submission of tenders that any conditions or caveats introduced as adjuncts to any bid would mean automatic disqualification.
In the past, BSkyB has secured rights for matches involving India and England for well short of £1million. This time round though, reports coming in the British press quoting industry insiders say Nimbus has hiked its asking price to over £5 million. BSkyB has had a virtual monopoly on England’s overseas Tests for over 10 years.
Even on the radio front, there is uncertainty with a BBC radio spokeswoman being quoted as saying, “We’re still in negotiations with Nimbus.”
As regards the TV rights, BSkyB could also face competition from Asian-run TV channels in the UK, such as Zee, Sony and Pakistan’s ARY Digital. All three broadcasters target the strong South Asian population in the UK and having this series to showcase would get in huge subscription revenues.
Whether any of these three have the financial muscle to fork out over £5 million for telecast rights remains the moot though.
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.
