News Broadcasting
ICRA rerates Network18 and TV18
MUMBAI: Barely a week after independent and professional investment and credit rating agency ICRA revised ratings for Network 18 media and investments (N18) and TV 18 Broadcast (TV18), it has once again upgraded the two companies ratings for enhanced amounts.
Note: Short Term Instruments (All instruments with original maturity within one year) with ICRA A1 rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk. Modifiers {“+” (plus) / “-“(minus)} can be used with the rating symbols for the categories [ICRA]AA(SO) to [ICRA]C(SO). The modifiers reflect the comparative standing within the category.
N18
The short- term rating for Rs 230 crore of ICRA A1+ and long-term rating for Rs 10 crore of ICRA A on enhanced banking facilities of Rs 240 crore (up from Rs 140 crore) has been assigned to N18. The outlook on the long-term rating is ‘positive’.
Additionally, N18’s commercial paper of Rs 100 crore has been assigned as ICRA A1+. The assigned ratings take into account the strong growth in operating profits of N18 (consolidated) in 2013-14 over the previous year, significant reduction in net losses by virtue of favourable impact of cable digitisation, internal cost compression measures and more than halving of interest costs.
The rating agency says “ICRA draws comfort from the diversified offerings of the broadcasting business across genres and expects that the addition of ETV regional channels, post the recent acquisition, will further strengthen the overall operational profile of the company on a consolidated basis. ICRA notes that the Network18’s non-broadcasting businesses continue to experience weak profitability/ losses while some of its existing bouquet of channels may also continue to face profitability pressures arising from rising competitive intensity. Also, in the broadcasting business, there is likely to be recurring need to fund gestation losses in select new channels as also additional investments that may have to be put in for the ETV bouquet of channels.”
TV18
The Rs 200 crore commercial paper programme of TV18 Broadcast has been assigned short-term rating of ICRA A1+.
The assigned ratings take into account the strong growth in operating profits of TV18 (consolidated) in 2013-14 over the previous year, increase in net profits to Rs 85.6 crore in 2013-14 from a net loss of Rs 42.2 crore in 2012-13 by virtue of favourable impact of cable digitisation, internal cost compression measures and more than halving of interest costs. The ratings continue to draw support from the diversified offerings of the company’s content bouquet across genres and strong market position of the key news and entertainment channels.
Says the rating agency, “ICRA expects that the recent addition of ETVs regional channels into TV18’s content bouquet will further strengthen the overall operational profile of the company. TV18 (consolidated) currently derives a large proportion of its revenues through advertisement income, a revenue stream that tends to be volatile and is a function of economic environment and corporate advertisement budgets. However, the enactment of regulatory framework for digitisation of cable TV Systems in India is expected to increase the quantum and proportion of the relatively more stable subscription income for TV18, going forward. Already, TV18 (consolidated) has seen a strong positive traction in net distribution income having increased to Rs 178 crore in 2013-14 (excluding ETV channels) from minus (-) Rs 102 crore in 2011-12.”
It also states that while TV18’s (consolidated) cash generation is likely to be supported by higher subscription revenues and lower carriage costs by virtue of cable digitisation, it expects continued profitability pressures arising from rising competitive intensity in key business segments, the need to fund gestation losses in select new channels as also additional investments that may have to be put in for the ETV bouquet of channels.
News Broadcasting
Barc forensic audit in TRP row awaits as Twenty-Four probe gathers pace
KERALA: A forensic audit commissioned by the Broadcast Audience Research Council (BARC) India has emerged as the centrepiece of the government’s response to fresh allegations of television rating point manipulation involving a regional news channel in Kerala, with both the audit findings and a parallel police investigation still awaited.
Replying to a query in the Lok Sabha, minister of state for information and broadcasting L Murugan, said Barc had appointed an independent agency to conduct a forensic probe into the conduct of senior personnel allegedly linked to the case.
The move followed media reports claiming that a Barc employee had accepted bribes to manipulate viewership data in favour of a regional television news channel.
“The report from BARC is still awaited,” Murugan told Parliament, signalling that the forensic exercise remains ongoing.
Industry specialists say forensic audits are crucial in alleged TRP fraud cases, as they examine internal controls, data access trails, panel household integrity, staff communications and financial transactions. The outcome could determine whether the alleged manipulation was an isolated breach or a deeper systemic weakness in India’s television measurement framework.
Running alongside the audit, the Kerala Police has formed a special investigation team to probe the allegations. The ministry has sought a preliminary report from the state’s director general of police, including details of action taken on the first information report. That report, too, is yet to be submitted.
The episode has revived long-standing concerns over the vulnerability of India’s TRP system, particularly in regional news markets where competition for ratings is fierce and advertising revenues hinge on weekly viewership rankings.
India’s sole television audience measurement body Barc, has faced scrutiny before, most notably during the nationwide TRP controversy involving news channels in 2020. While tighter compliance norms were introduced in the aftermath, the latest allegations suggest enforcement challenges may persist.
On regulatory consequences, the government said any punitive action against television channels, including suspension or cancellation of uplinking and downlinking permissions, would be governed by the Policy Guidelines for Uplinking and Downlinking of Television Channels issued in November 2022, and would depend on investigation outcomes and due process.
The ministry also pointed to ongoing efforts to overhaul the ratings ecosystem. Television measurement continues to be regulated under the Policy Guidelines for Television Rating Agencies, 2014. Draft amendments were released for public consultation in July 2025, followed by a revised version in November 2025, aimed at tightening audit mechanisms and improving transparency and representativeness.
In November 2025, Barc said it had taken note of allegations aired by Malayalam news channel Twenty-Four, which linked an internal employee to irregularities in audience measurement. The council said it had engaged a “reputed independent agency” to conduct a comprehensive forensic audit, underscoring the seriousness of the claims.
The ratings system sits at the heart of India’s broadcast advertising economy, shaping billions of rupees in annual ad spends. With trust in audience data once again under strain, advertisers, broadcasters and regulators are closely watching the outcome of the investigations.
Barc has urged industry stakeholders and media organisations to exercise restraint while the probe is underway, calling for an end to “unverified or speculatory claims” and reiterating its commitment to integrity and accountability.
Until the forensic audit and police findings are submitted and reviewed, the government said it would refrain from drawing conclusions.
News Broadcasting
Rajat Sharma defamation row: Delhi court summons Congress leaders Ragini Nayak, Pawan Khera and Jairam Ramesh
NEW DELHI: A Delhi court has ordered the summoning of senior Congress leaders Ragini Nayak, Pawan Khera and Jairam Ramesh in a criminal case filed by veteran journalist Rajat Sharma, sharpening a legal battle over alleged defamation and doctored digital content.
The order was passed on Monday by Devanshi Janmeja, judicial magistrate first class at Saket Courts, after the court found prima facie grounds to proceed under multiple sections of the Indian Penal Code, including forgery, creation of false electronic records and defamation.
Sharma, chairman and editor-in-chief of India TV, had approached the court over allegations made in June 2024 that he had used derogatory language against Congress spokesperson Ragini Nayak during a live television debate. He denied the charge, claiming it was fuelled by a manipulated video circulated online.
According to the complaint, a clipped version of the broadcast carrying superimposed captions, which were not part of the original programme, was first shared on social media platform X by Nayak and later amplified through retweets and public statements by Khera and Ramesh. Sharma said the viral spread caused serious reputational harm and personal distress.
The court took note of forensic science laboratory findings that pointed to visible post-production alterations in the video, including added titles and captions. It also cited witness testimonies from those present during the live broadcast, who stated that no abusive or objectionable language had been used.
In a related civil matter, the Delhi High Court had earlier observed a prima facie absence of abusive remarks and directed the removal of the disputed social media posts.
With criminal proceedings now set in motion, the case adds to mounting scrutiny around political messaging, digital manipulation and accountability on social media platforms.
News Broadcasting
Mukesh Ambani, Larry Fink come together for CNBC-TV18 exclusive
Reliance and BlackRock chiefs map the future of investing as global capital eyes India
MUMBAI: India’s capital story takes centre stage today as Mukesh Ambani and Larry Fink sit down for a rare joint television conversation, bringing together two of the most powerful voices in global business at a moment of economic churn and opportunity.
The Reliance Industries chief and the BlackRock boss will speak with Shereen Bhan, managing editor of CNBC-TV18, in an exclusive interaction airing from 3:00 pm on February 4. The timing is deliberate. Geopolitics are tense, technology is disruptive and capital is choosier. India, meanwhile, is pitching itself as a long-term bet.
The pairing is symbolic. Reliance straddles energy transition, digital infrastructure and consumer growth in the world’s fastest-expanding major economy. BlackRock, the world’s largest asset manager, oversees more than $14 tn in assets and sits at the nerve centre of global capital flows. When the two talk, markets tend to listen.
Fink’s appearance marks his third India visit, a signal of the country’s rising strategic weight for the Wall Street-listed firm, which carries a market value above $177 bn. His earlier 2023 trips included an October stop in New Delhi, where he met both Ambani and Narendra Modi.
India is now central to BlackRock’s expansion plans, notably through its joint venture with Jio Financial Services. Announced in July 2023, the 50:50 venture, JioBlackRock, commits up to $150 mn each from the partners to build a digital-first asset-management platform aimed at India’s swelling investor class.
The backdrop is robust. BlackRock ended 2025 with record assets under management of $14.04 tn, helped by $698 bn in net inflows, including $342 bn in the fourth quarter alone. Scale gives Fink both heft and a long lens on where money is moving.
He has been openly bullish on India. At the Saudi-US Investment Summit in Riyadh last year, Fink argued that the “fog of global uncertainty is lifting”, with capital returning to dynamic markets such as India, drawn by reforms, demographics and durable return potential.
Expect the conversation to range beyond balance sheets, into technology’s role in finance, access to capital and the mechanics of sustainable growth in a fracturing world order. For investors and policymakers alike, it is a snapshot of how big money is thinking about India.
At a time when capital is cautious and growth is contested, India wants to be the exception. When Ambani and Fink share a stage, it is less a chat and more a signal. The world’s money is still looking for its next big story, and India intends to be it.
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