News Broadcasting
Star shines for News Corp: Report
NEW DELHI: Buoyed by growth in India and Taiwan, the Rupert Murdoch-controlled Star Group Pvt. Ltd. is on track for $40 million FY 2004 profit as per the September-ended first quarter earnings.
Pointing out that though the September quarter is “historically poor” for Star, the Hong Kong-based Media Partners Asia (MPA) in a report has said that News Corp’s latest earnings release for its Q1 FY 2004 (three months to end-September 2003) showed a consolidated operating profit of $ three million for its Asia media subsidiary STAR Group.
MPA also projects a 13 per cent revenue growth for Star in FY 2004 (12 month to end June 2004) to $331 million, continued cost efficiencies, and an operating profit of $42 million.
“We estimate that India will continue to generate the bulk of cash flow and fund losses at Star’s emerging operation in tightly regulated China,” Media Route 26 pointed out.
It has also been stated that seeing the trend in India, rollout of addressability and subsequent lesser under-declaration, Star’s subscription revenue in India would double in five years time.
According to MPA estimates, Star Group racked up a $14 million operating loss for the September quarter. But “significant advertising and subscription revenue gains” at Star Plus in India and advertising growth at Star Mandarin Movies in Taiwan helped the company deliver positive operating income for the first time in this traditionally soft period.
MPA is a publishing and research company dedicated to building content platforms focusing on Asia’s media and entertainment industries. MPA platforms include Media Route 26, The Asia Media Journal (a quarterly magazine that offers authoritative analysis of the issues and individuals), Asia Pacific Cable and Satellite markets 2003, Media Conferences and Seminars and Research and Consulting, which is specialised consulting reports to meet the strategic goals of global media companies.
Media Route 26’s latest issue states that Star, now led by chief executive Michelle Guthrie (replacing James Murdoch), should be on course to extract more pay TV subscription revenues for its core channels from the region and at the same time, further grow advertising.
The MPA model excludes Star’s interests in ESPN-STAR Sports, Phoenix Satellite TV, China Network Systems (Taiwan) and Hathway Cable (India).
Quoting News Corp, the parent company of Star, MPA in its fortnightly industry newsletter Media Route 26 stated, “The improved result was attributable to its (Star’s) efforts to reduce costs in preparation for a potential negative change relating to the roll out of conditional access in India.”
AD REVENUE MAINSTAY, BUT SUBSCRIPTION GROWING
In FY 2004, MPA estimates that advertising could represent over 60 per cent of Star’s consolidated revenues (against under 65 per cent in FY 2003) with subscription under 40 per cent (versus under 35 per cent in FY 2003).
But that subscription revenue too is growing is apparent.
“In FY 2003, Star saw an estimated $75 million in subscription revenues in India, about 35 per cent of the total channel subscription pie ($215 million) in that market.
“With greater declaration and less under reporting, spurred by the gradual rollout of digital satellite and cable services plus video over last-mile telecom networks, Star may be able to double subscription revenues in India in about five years time” the MPA has analysed.
In FY 2003, STAR realised its first full-year operating profit of eight million dollars on revenues of $292 million.
According to News Corp’s 9 October filing with the United States Securities and Exchange Commission, Star saw revenue growth of only five per cent in FY 2003, possibly impacted by a major decline in revenues unrelated to advertising and subscription.
In the filing, News Corp had stated: “For the year ended 30 June, 2003, Star’s revenues increased five per cent from the corresponding period of the prior year. Subscription revenues increased 22 per cent due to an increase in subscribers and average affiliate fees. Advertising revenues grew nine per cent due to the increasing popularity of the Star channels in Taiwan and India and STAR Plus continuing to maintain its leadership position in India.
“For the year ended 30 June, 2003, STAR reported operating income of A$12 million, as compared to a loss of A$44 million in the corresponding period of the prior year. This increase primarily resulted from the increase in revenues noted above, partially offset by increased expenses, increased advertising and promotional costs in India and the expansion of operations in China.”
THE FUTURE CHALLENGE
Going forward, a major challenge for Star would be to own and operate a successful pay TV distribution business, according to MPA.
Its investment in Taiwan’s China Network Systems (CNS, in which STAR owns 20 per cent) has been frustrated by a regulatory impasse over the rollout of digital boxes.
“Star’s 26 per cent stake in India’s Hathway Cable is a strategic move to acquire more subscription from the market although Hathway has limited access to the last mile. Future opportunities may include setting up a DTH satellite platform in India or investing in the fast growing SkyLife (more than one million subs) DTH platform in Korea,” the MPA analysis states.
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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