News Broadcasting
Zee Vs BCCI case hearing continues Friday; Pak tour delayed
MUMBAI: The Board of Control for Cricket in India (BCCI) stated today that Pakistan’s upcoming tour of India would in all likelihood be delayed by four to five days. The announcement was made by BCCI president Ranbir Singh Mahendra in the capital even as down south, the Madras High Court, which is hearing a petition brought against the Indian cricket board on the issue of telecast rights, said arguments would continue tomorrow.
The board also said that in deference to the Pakistan side’s objections to playing a Test in Ahmedabad, the scene of communal riots in 2002, it had offered the Pakistan team the option to play a One-Day International in Ahmedabad instead, with the Test fixture being shifted to Kolkata. Pakistan is scheduled to play three Tests and five ODIs on their upcoming tour of India.
The court case, meanwhile, pertains to a plea filed by Zee Telefilms contending that cancellation of the bidding process by the BCCI amounted to breach of its fundamental rights under Article 226 of the Indian Constitution. The board, in a counter affidavit filed yesterday, had told the court that since it owned the telecast rights, it was entitled to have dealings with anyone it chose to and had sought dismissal of Zee’s petition. The court had earlier passed an injunction restraining the board from awarding television telecast rights to any broadcaster or party while the case was being heard.
Mahendra’s declaration that the Pakistan tour would be delayed has like as not a lot to do with the fact that till the court delivers a ruling, the BCCI cannot negotiate with any broadcaster, including Indian pubcaster Doordarshan, on the rights for the upcoming series that is scheduled to begin early March.
Along with the Zee petition, there is also a plea filed earlier by ESPN Star Sports in the Supreme Court seeking legal protection against BCCI awarding cricket rights to anybody else without considering ESS’ bid too.
That the board is in a bind of its own making is clear from the comments Mahendra made on the rights’ issue. He said the matter would not be taken up until the board received a directive from the court.
And judging from the inconclusiveness of today’s day-long hearing, there is no surety that the court will deliver a verdict tomorrow either.
In the event the case drags, one option the board has is to revisit an earlier proposal it had been considering that envisaged producing the cricket matches itself, buying time on a channel for telecast like producers of sponsored serials on Doordarshan do and then marketing commercial time. Or else the tried and tested patchwork solution used on earlier occasions could be brought to bear on the proceedings: Seek the Supreme Court’s intervention “in light of the urgency of the matter”. If the second (more likely) option is taken, then the apex court would in all probability clear the decks for DD to telecast pending a final verdict.
The series against Australia and South Africa earlier in the season were also telecast by DD.
But if, as it looks more and more likely now, DD does get the telecast by default, one thing that the board can kiss goodbye to is a whole load of money. Going by the board’s own admission, not awarding the rights to a private broadcaster during the South Africa and Australia series cost it a cool Rs 1.5 billion. And that too after subtracting the Rs 1 billion the board received from Prasar Bharati for the two series.
The upcoming series is worth much, much more!
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.
