News Broadcasting
Network18: mixed financial performance in Q2 FY 2025
MUMBAI: That the television industry is going through a rough phase has been talked about ad nauseum. Normally, the June-September quarter is subdued -especially in media and entertainment – with the monsoons setting in and most categories slowing down on their ad spends. But, in 2025, the spends were even further muted despite some tentpole properties being shown on television. Or at least that’s what the media pundits are saying. And this is reflected in the Q2 FY 2025 consolidated financials of the Reliance Industries-owned Network18 Media.
Network18 Media’s losses have climbed to Rs 1520 million as against Rs 1190 million in the corresponding period of FY2024. Revenues too have marginally dropped to Rs 18,250 million (Rs 18,6600 million in Q2FY 2024). For Q2 FY2025, the company has tightened its belt and reduced its operational costs to Rs 10,670 million (Rs 12,380 million). However, its marketing, distribution and promotional expenses have climbed to Rs 5020 million (Rs 3,720 million); its finance costs have escalated to Rs 1,700 million (Rs 660 million).
On a half yearly basis, the financials to 30 September 2024 look more respectable. H1 FY2025 profit is at Rs 490 million as compared to a loss of Rs 270 million in H1 FY 2022. The company has turned up a profit despite a drop in revenues to Rs 49,660 million (Rs 51,040 million). It has managed to put a handle on operational expenses which fell to Rs 33,690 million (Rs 36,040 million). However, its marketing, promotion and distribution costs have shot up to Rs 10,120 million (Rs 8,970 million). Employee benefit costs too have risen to Rs 7010 million (Rs 6650 million). Finance costs have more than doubled to Rs 3,200 million (Rs 1,340 million).
The company said in the a press release posted on the Bombay stock exchange that the news portfolio revenue grew only six per cent primarily driven by growth in digital segment ad revenue across all platforms (Rs 4450 million against Rs 4220 million in Q2 FY 2024). TV advertising was soft during the quarter as industry advertising volumes for the news genre declined by 20 per cent YoY. News’ share in overall advertising inventory consumption also declined by over 200 bps YoY and QoQ.
Its entertainment vertical under Viacom18 saw a decline in operating revenue of five per cent during Q2 FY 2025 primarily due to the drop in movie segment revenue. In Q2FY24, Viacom18 Studios had released two big-ticket movies whereas there were no movies released this quarter, which had an impact of Rs 3300 million on the revenue. Growth in ad revenue was primarily driven by digital, across both sports and non-sports segment (Rs 4450 million vs Rs 4200 million). Entertainment TV revenue was shaved to Rs 13,390 million (Rs 14,160 million). This was largely offset by growth in subscription revenue (Rs 7,330 million vs Rs 5110 million) aided by new pricing as well as the increased monetisation of its sports portfolio.
JioCinema’s recently launched SVOD plans witnessed strong traction and helped it become the fastest-growing subscription-based OTT platform in the country.
The good news for the company is that The scheme of arrangement for the merger of Network18, TV18 Broadcast Ltd. (TV18) and e-Eighteen.com (E18) became effective on 3 October 2024. The merger creates India’s largest platform-agnostic news media powerhouse with the widest widest footprint across languages, straddling both TV and digital.
The network has a monthly reach of over 350 million on TV and around 250 million monthly unique visitors across its digital portfolio. As consumers and advertisers increasingly gravitate towards omni-channel experiences across different aspects of their lives, having a deep and integrated presence across both TV and digital media will enable the merged entity to serve them better. The combination of the businesses will result in operational synergies, cost optimization and opportunities for increased revenue realization.
“We are happy to have completed the merger of our news businesses. With a strong portfolio of TV channels and digital platforms, covering the breadth of the country and catering to its linguistic diversity, we are ideally positioned to become the most preferred news network of India. We are committed to push boundaries of and lead the growth of the industry as we build on this strong foundation,” said Network18,chairman Adil Zainulbhai.
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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