News Broadcasting
Network18’s rollercoaster Q3: Cash crunch or clever moves?
MUMBAI: When Mukesh Ambani sets his sights on a business, it’s never a low-stakes affair—and the Q3 FY25 results of Reliance Industries-owned Network18 Group are no exception.
With Rahul Joshi at the editorial helm and Adil Zainulbhai overseeing the boardroom, Network18’s quarterly performance unfolds like a high-stakes thriller, leaving analysts juggling numbers and the audience wondering: is this brilliance or blunder?
From headline revenue twists to profit-margin cliffhangers, this quarterly report reads more like a script straight from Bollywood. So grab your popcorn because this isn’t just a financial disclosure—it’s Mukesh Ambani, once again, rewriting the playbook of India’s media landscape.
Standalone stars & stumbles
For Q3 FY25, Network18 pulled in Rs 476.41 crore in revenue from operations. That’s a respectable leap from last quarter’s Rs 445.27 crore, but is it really a win when Q3 FY24 wasn’t far behind at Rs 469.10 crore?
Total income, at Rs 483.96 crore, held its ground against Rs 447.62 crore last quarter. Steady as it goes, right? Yet, for a company of this scale, one might wonder: is this pace enough to stay ahead of the competition?
But here’s the plot twist: the company posted a net loss of Rs 66.27 crore. While better than Q2’s Rs 74.45 crore, it’s a wider hole than the Rs 43.42 crore loss in Q3 FY24.
What’s eating into those profits?
Higher operational costs of Rs 103.07 crore and ballooning employee expenses at Rs 181.24 crore seem to be playing the villains here. Add to this the creeping pressure of content investments, and it’s clear Network18 is juggling multiple priorities.
Nine months in, and the company’s revenue has grown to Rs 1,374.45 crore from last year’s Rs 1,282.74 crore. But with a cumulative loss of Rs 216.37 crore, you’ve got to ask—is this progress or just treading water? Can they turn this around with their strategic pivots, or is a deeper overhaul needed?
Consolidated chaos or calculated moves?
The consolidated picture? Think of it as the bigger, messier sibling. Revenue from operations slipped to Rs 1,360.50 crore, down from Rs 1,825.18 crore in Q2. Total income followed suit at Rs 1,442.55 crore. Soft advertising revenues and soaring expenses seem to be the culprits here. It begs the question: are advertisers tightening their belts, or is Network18 losing its edge in attracting ad spend?
And then there’s the elephant in the room: the Rs 1,400.05 crore net loss. Yes, you read that right.
Exceptional items—mainly from the derecognition of subsidiaries post the Viacom18 and Star India restructuring—contributed a jaw-dropping Rs 1,425.73 crore to the loss column. Talk about exceptional! While this move may have long-term benefits, the immediate financial optics are challenging to say the least.
So here’s the question: does shedding these subsidiaries make Network18 leaner and meaner, or just lighter in the pocket? With this dramatic restructuring, will the company’s new shape enable it to sprint ahead, or will it limp along burdened by its past?
Operational costs for Q3 soared to Rs 682.44 crore, while marketing expenses hit Rs 340.00 crore. It’s clear the company is investing in its brand, but with employee benefits at Rs 267.78 crore, could some belt-tightening be in order? Or is it all part of a grand plan to win the long game? After all, balancing brand-building with profitability is no small feat.
Consider this: even as costs rise, the company’s digital platforms are gaining traction. Could this be the silver lining in a stormy quarter? And how long before these investments start paying dividends?
A key subplot of this quarter is the composite scheme of arrangement. Selling Viacom18 and other assets to Star India and Digital18 might seem like a costly move now, but will it pay off in the long run? Time’s the ultimate critic, but this bold restructuring has certainly captured attention. As part of the shakeup, Viacom18 ceased to be a subsidiary as of 30 December 2024. While this realignment adds immediate weight to the expense column, it positions the company to streamline and optimise in future quarters. Could this be Network18’s masterstroke?
The challenges are clear: falling advertising revenue and rising content costs. But don’t count Network18 out just yet. With its digital platforms growing steadily, could we be seeing the early stages of a bold new chapter? Or is this just a trailer for more turbulent times?
There’s also the matter of competition. In a crowded media landscape, innovation and adaptability are key. Network18’s investments in digital transformation signal ambition, but can these moves outpace rivals who are equally hungry for market share?
Network18’s Q3 FY25 is a tale of highs, lows, and bold bets. Sure, the losses are glaring, but the strategic realignments hint at a company playing the long game. Is this a case of short-term pain for long-term gain? Or are we witnessing the opening act of a broader reckoning?
So, will the next quarter be a comeback or another cliffhanger?
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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