News Broadcasting
Pakistan gets broadcasting regulations
Even as Indian officials hem and haw over promulgating broadcasting regulations, its neighbour and arch rival Pakistan has gone ahead and issued an executive order to get its laws in place. India‘s Broadcasting Bill has been garbaged (after four years of blowing hot and cold) and brought under the Communications Convergence Bill, which itself has been put on the back burner for nearly two years.
The Pakistani government has had it easier, partly because it is governed by a military leader. Within two years of promising to open the floodgates to private TV channels, General Musharraf this week approved an ordinance that allows private sector television in Pakistan.
The PEMRA (Pakistan Electronic Media Regulatory Authority) Ordinance 2002 allows the establishment of an umbrella body that will issue licenses to broadcasters who have been labelled as broadcast media operators. The move is meant to bring in the element of ‘transparency and an invisible system of accountability through media available at local community, provincial, national, and international levels.‘
This spells competition not only for the three state controlled channels in the country, but also to those from across the border that beam their programmes into Pakistan, and have a loyal following.
The PEMRA will have a chairman and nine members who will be Presidential appointees, with the chairman being a prominent professional. Five of the PEMRA members are to be chosen from the private sector, including two women, with credentials in the media, law, human rights and social services.
| The Pakistan Media Regulatory Authority Ordinance says that foreign television channels however will not be allowed entry, nor will licenses be granted to promoters who are not citizens or residents of Pakistan. |  |
| TV Viewers in Pakistan: Will the new law mean more variety or less? (Pic courtesy: Time) |
The umbrella body is to also have three ex-officio members – the secretaries of Information and Interior and the chairman, Pakistan Telecommunication Authority.
The PEMRA has the responsibility of regulating the setting up and operation of all broadcast stations including radio and television and cable TV in the country. The Pakistan government is slated to provide it with seed money initially, but it will have to generate revenues through licensing fees and subscription.
CATV Networks, which were earlier supervised by the ministries of Information and Media Development and Science and Technology, have been brought into the fold of this law and the Pakistan Telecommunication Authority will continue to guide and support its technical side.
The PEMRA Ordinance includes a Code of Conduct for media broadcasters and CATV operators to ensure decency and responsibility, and a clause stipulating that programming content of broadcasts is to be strictly and regularly monitored. A council of complaints has also been provided in the law to respond to people‘s complaints, and recommendations for disciplinary action against broadcasters violating the code of ethics and other provisions of the law have also been provided.
Foreign television channels however will not be allowed entry, nor will licenses be granted to promoters who are not citizens or residents of Pakistan. Among others excluded from setting up shop in Pakistan are foreign companies established under the laws of any foreign government, companies the majority of whose shares are owned or controlled by foreign nationals or companies whose management or control is vested in foreign national or companies.
The ordinance took some time to be promulgated as minor changes had to be made in the draft law earlier approved by the Cabinet in the shape of Rambo (Regulatory Authority for Media Broadcasting Organisations). What delayed things further was the round of fisticuffs between the ministries of Information and Media Development and Science and Technology over who should control the electronic media.
The key issue confronting Indian broadcasters whose channels have been extremely popular in Pakistan is how the new regulations will impact their operation there. Broadcasters such as Zee TV, Star and Sony have encrypted in order to increase subscription revenues from India primarily, followed by south Asia. Zee TV oversees its Pakistan business and distribution from its office in Sharjah. Star India was the only network which was allowed to be received and distributed in Pakistan after a recent ban on Indian channels.
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.
