Tag: cable TV

  • Assam revises entertainment tax on DTH & Cable TV

    Assam revises entertainment tax on DTH & Cable TV

    MUMBAI: Watching television is set to become very expensive in homes in Assam. Reason: the state government earlier this month revised entertainment tax that’s levied on DTH and cable TV services such as Airtel, Tata Sky, Videcond2h, Dish TV, Sun TV, Reliance Big DTH, Manthan, Sitcable among others.

    The Assam governor earlier this month issued a notification under which the rate of entertainment tax has been revised from Rs 25 per home to Rs 30 per subscriber for DTH services. That’s a 20 per cent jump in the tax rates.

    Another executive order was issued under which tax on cable TV services was revised from Rs 10 per subscriber to Rs 20 per residential subscriber. That’s a massive 100 per cent jump in tax tariffs.

    The Assam government has not touched the rate that hotels fork out per subscriber for both cable TV and DTH services. It has stayed constant at Rs 50 per subscriber.

    Will this extra burden turn viewers away from both cable & satellite TV and DTH? The jury is out, but most media watchers say that they don’t think it will have much of an impact.

  • Assam revises entertainment tax on DTH & Cable TV

    Assam revises entertainment tax on DTH & Cable TV

    MUMBAI: Watching television is set to become very expensive in homes in Assam. Reason: the state government earlier this month revised entertainment tax that’s levied on DTH and cable TV services such as Airtel, Tata Sky, Videcond2h, Dish TV, Sun TV, Reliance Big DTH, Manthan, Sitcable among others.

    The Assam governor earlier this month issued a notification under which the rate of entertainment tax has been revised from Rs 25 per home to Rs 30 per subscriber for DTH services. That’s a 20 per cent jump in the tax rates.

    Another executive order was issued under which tax on cable TV services was revised from Rs 10 per subscriber to Rs 20 per residential subscriber. That’s a massive 100 per cent jump in tax tariffs.

    The Assam government has not touched the rate that hotels fork out per subscriber for both cable TV and DTH services. It has stayed constant at Rs 50 per subscriber.

    Will this extra burden turn viewers away from both cable & satellite TV and DTH? The jury is out, but most media watchers say that they don’t think it will have much of an impact.

  • Wadhwa says Siti Cable is continually looking for acquisitions

    Wadhwa says Siti Cable is continually looking for acquisitions

    MUMBAI: Siti Cable, part of the Essel group is not going to immediately get the benefits of the 100 per cent FDI relaxation in the TV distribution sector. This was revealed by Siti Cable executive director & CEO VD Wadhwa to TV channel Bloomberg TV a couple of days ago.

    Wadhwa said that the promoters own 71 per cent of Siti Cable Networks; with the non-promoter holding standing at 29 per cent. “At least for the next two to four quarters I don’t see any major benefits coming out to the government in terms of foreign currency inflows into the business,” he told Bloomberg TV.

    He added that the company would continue to grow both organically and inorganically in FY 2017. “The industry is going through a tight cash situation. The industry has largely been fragmented,” he stated. “Now consolidation is happening at the cable operator level, it is happening at the regional level. It is only a matter of time before it starts happening at the national level as well.”

    He revealed that his company was participating in the consolidation as post digitization it was becoming difficult for the cable operator to survive alone. “We are keeping our eye open because we have identified some of the geographies wherever we would like to expand by acquisition and wherever we see a strategic fit,” he explained.

    He pointed out to the network’s acquisitions recently in Maharashtra and Gujarat where Siti Cable was relatively weak.

    “In both these places we have expanded through partnerships. In Mumbai, we acquired 600,000 subscribers by acquiring 76 per cent in a local network Scod18. In Gujarat, we have acquired 700,000-800,000 subscribers by doing a 51:49 per cent joint venture in Gujarat,” he revealed.

    He said Siti Cable had agreed to take a 50 per cent stake in Assam-based Axom Communications as the existing promoter was comfortable in partaking of only that much equity. “The new Companies Act allows us to control an organization either through an equity stake or through the composition of the board. We chose to get a majority on the board and will be consolidating the results with Siti Cable’s financials on account of that,” he disclosed.

    Wadhwa explained that Siti Cable would be more open to taking anywhere between 51 per cent and 76 per cent stakes in cable TV ventures as it makes sense to have a partner who knows the local territory well to still be involved in the business even after acquisition or a partnership.

  • Wadhwa says Siti Cable is continually looking for acquisitions

    Wadhwa says Siti Cable is continually looking for acquisitions

    MUMBAI: Siti Cable, part of the Essel group is not going to immediately get the benefits of the 100 per cent FDI relaxation in the TV distribution sector. This was revealed by Siti Cable executive director & CEO VD Wadhwa to TV channel Bloomberg TV a couple of days ago.

    Wadhwa said that the promoters own 71 per cent of Siti Cable Networks; with the non-promoter holding standing at 29 per cent. “At least for the next two to four quarters I don’t see any major benefits coming out to the government in terms of foreign currency inflows into the business,” he told Bloomberg TV.

    He added that the company would continue to grow both organically and inorganically in FY 2017. “The industry is going through a tight cash situation. The industry has largely been fragmented,” he stated. “Now consolidation is happening at the cable operator level, it is happening at the regional level. It is only a matter of time before it starts happening at the national level as well.”

    He revealed that his company was participating in the consolidation as post digitization it was becoming difficult for the cable operator to survive alone. “We are keeping our eye open because we have identified some of the geographies wherever we would like to expand by acquisition and wherever we see a strategic fit,” he explained.

    He pointed out to the network’s acquisitions recently in Maharashtra and Gujarat where Siti Cable was relatively weak.

    “In both these places we have expanded through partnerships. In Mumbai, we acquired 600,000 subscribers by acquiring 76 per cent in a local network Scod18. In Gujarat, we have acquired 700,000-800,000 subscribers by doing a 51:49 per cent joint venture in Gujarat,” he revealed.

    He said Siti Cable had agreed to take a 50 per cent stake in Assam-based Axom Communications as the existing promoter was comfortable in partaking of only that much equity. “The new Companies Act allows us to control an organization either through an equity stake or through the composition of the board. We chose to get a majority on the board and will be consolidating the results with Siti Cable’s financials on account of that,” he disclosed.

    Wadhwa explained that Siti Cable would be more open to taking anywhere between 51 per cent and 76 per cent stakes in cable TV ventures as it makes sense to have a partner who knows the local territory well to still be involved in the business even after acquisition or a partnership.

  • Siti Cable denies acquisition of Den Network

    Siti Cable denies acquisition of Den Network

    MUMBAI: The Siti Cable Network  management has vehemently denied – through a press release – the correctness of the news item that has appeared in The Economic Times today indicating that it was likely to acquire national MSO DEN Networks.

    Said Siti Cable executive director and CEO V D Wadhwa in the release:  “There are no such developments between Siti Cable and Den Networks and we would not like to comment on the speculative news  being carried out in the media in this regard”.

    The National and the Bombay Stock exchanges had also sought clarifications from Den Networks in the matter. The latter has through  a similar notice  signed by company secretary Jatin Mahajan to the exchange stated that as a policy  it does not comment on any market speculation.

    Siti Cable and Den Networks were responding to the query raised by the bourses about an article that appeared in the business daily that alleged that Siti Cable chairman Subhash Chandra is looking to expand his cable business by acquiring the Sameer Manchanda-promoted Den Networks for Rs 2,000 crore.

     

  • Siti Cable denies acquisition of Den Network

    Siti Cable denies acquisition of Den Network

    MUMBAI: The Siti Cable Network  management has vehemently denied – through a press release – the correctness of the news item that has appeared in The Economic Times today indicating that it was likely to acquire national MSO DEN Networks.

    Said Siti Cable executive director and CEO V D Wadhwa in the release:  “There are no such developments between Siti Cable and Den Networks and we would not like to comment on the speculative news  being carried out in the media in this regard”.

    The National and the Bombay Stock exchanges had also sought clarifications from Den Networks in the matter. The latter has through  a similar notice  signed by company secretary Jatin Mahajan to the exchange stated that as a policy  it does not comment on any market speculation.

    Siti Cable and Den Networks were responding to the query raised by the bourses about an article that appeared in the business daily that alleged that Siti Cable chairman Subhash Chandra is looking to expand his cable business by acquiring the Sameer Manchanda-promoted Den Networks for Rs 2,000 crore.

     

  • English Entertainment TV channels: At inflection point?

    English Entertainment TV channels: At inflection point?

    MUMBAI: In George Bernard Shaw’s Pygmalion, Professor Higgins tells his acquaintance Colonel Pickering that he can make the colloquial sounding flower girl Eliza Dolittle speak like a duchess by teaching her how to speak proper English.

    Times Network CEO MK Anand is playing the role of Professor Higgins these days as far as the English language is concerned. He wants advertisers, those working in the 30-odd English language channels, agencies to look at the genre differently.  He believes that it has viewers in smaller towns, and even in the heartlands. That it is not just a six metro phenomenon; it is touching the masses.  Hence, it deserves that much more respect. And that the genre has only one way to go – up.

    Says Anand: “The entire idea of English being niche has been propagated by advertisers at some level. They have talked to us and have coached us and probably mesmerised and hypnotised us and we also started believing it. It’s like a self fulfilling prophecy which has led us to consider it is as so called niche. I don’t think we are niche at all. Someone started it with by saying that Hindi is predominant  prominent everywhere especially in rural. Then people thought that English is only focused on the six metros, which is no longer true.”

    Indeed English language broadcasters are and have been focusing on pushing their services in non-metros.  According to cable TV tracker Chrome Data, EECs used to get 80 per cent of their viewers from the six metros; 20 per cent from non-metros not so long ago. With digital addressable systems and set top boxes spreading in phase II and phase III areas of India, the pendulum has swung in the direction of the non-metros. Today, 60 per cent of the viewership is from the six metros; while 40 per cent is from non-metros.

    The 30 channels mentioned above account for a genre viewership share of just 0.5 per cent, according to the Ficci-KPMG 2016 report; as against Hindi GEC’s giant share  of 58 per cent.  According to another study, the average monthly reach of English language is around 208 million domestically. And the ad revenue all of English Entertainment TV channels generated last year was Rs 400 crore.

    What bodes well for this genre?  Well, for one, the fact that understanding and speaking English is very aspirational in smaller towns and in rural areas in the new India that is opening up economically to the world. Knowledge of English puts you at an immediate advantage over non-English speakers.  

    And the cult of Hollywood is beginning to spread nationally with American films being distributed theatrically in more screens with different language dubs over the past few years. These movies have started challenging Bollywood films in India in terms of theatrical business. Films like Fast and Furious 7, Avengers: Age Of Ultron, Jurassic World, Batman vs. Superman – Dawn Of Justice, etc. have opened higher than many big ticket Hindi releases.  The seventh edition of the Fast and Furious franchise racked up Rs 120 crore at the India box office.

    “Younger audiences are consuming English movies and entertainment more than Bollywood movies. At least, in some areas nationally.  Bollywood is no longer the predominant attraction there,” says media veteran Cyrus Oshidar.

    What’s additionally helping English TV channels get a hold on newer audiences in non-metros are the language subtitles. A study revealed that 79 per cent of viewers said that they find subtitles on English movie channels extremely useful. Explains AXN and Sony Pix business head Saurabh Yagnik: “Subtitles not only help viewers to follow the content better buts also boosts their language. Many players have also started dubbing shows for this reason.”

    Even as the audience for Hollywood movies on English channels has gone up, the viewership for English TV shows is not keeping pace and has gone down.  Shows such as Game of Thrones attract only niche audiences.

    According to Helios Media CEO Divya Radhakrishnan, that’s because the content, the format of American TV shows and their language don’t go down well Indian TV viewers in the interiors, because of the one TV household phenomenon there.

    Adds media analyst and IIM Calcutta professor  Chandradeep (CD) Mitra: “If the content is heavy and serious, people might not understand it. The content should be easy to follow and should be appealing with simple dialogues.”

    Finally, there is the issue of piracy. Audiences in metros are unwilling to wait for the delayed release of prize-winning TV series on Indian TV as compared to the first airing on American or British TV. “Piracy is a major worry for TV shows and with internet broadband and data costs coming down, more and more shows are being downloaded from torrent sites and watched on computers or on mobile devices,” says a media watcher.

    However, action channels are an exception as they continue to lure the young audiences, reveals Mitra.

    Overall English Entertainment channels  have been hit by rising content costs which are being demanded by international studios and distributors. A source points out that content acquisition costs for English entertainment have increased by 150 per cent as compared to three years’ ago. An estimate is that the cost per hour for an international  TV series comes close to Rs 4.5 lakh to Rs 6 lakh, irrespective of whether it is a hit overseas or not.

    English GECs attract premium brands who do large inventory deals as advertisers.. TV spot rates on an average are around Rs 4,000 for 10 seconds during weekdays while they could go up to Rs 40,000 for the weekend marathons.
    But advertising spends on the English entertainment genre is growing by 10-15 per cent annually, which is what makes it attractive. Observers expect new entrants to come in as the potential is only going to grow with increasing digitization.

    Says Vibrant Advertising VP Kartik Lakshminarayan: “I think it will increase in one year’s time with the push the genre gets from digital and social media.”

    “It is a vast market and the reach will get broader and broader with time,” adds Oshidhar.

    “Digitization is a natural tonic for them. The channels will get a better potential to distribute and the major part of the revenue is going to come out of distribution over time. By the end of this year, Indian broadcast and new media will obtain the wave for English  entertainment channels to grow so much that it will only explode from there,” concludes Anand.

    What is the reach of the English entertainment genre? Take a look at the following numbers to get an understanding.

    * It is but natural that the English entertainment channels have a amazing reach in India’s commercial capital Mumbai. AXN has a reach of 60 per cent, Zee Cafe attains 61 per cent,  Colors Infinity, Comedy Central have 63 per cent. Star World reaches 54 percent and FX reaches 53 per cent..

    * Star World has the maximum reach of 46 per cent households in Bangalore followed by AXN with 46 percent and Comedy Central with 45 per cent. Colors Infinity reaches out to 28 per cent while FX accounts for 22 per cent reach.

    * In India’s capital,  Star World has a  44 per cent reach making it the undisputed champ. Comedy Central has a grip of 34 percent, while FX,  Colors Infinity, and AXN manage a score  33 per cent, 32 per cent and 30 per cent respectively.

    * Down east in Kolkata,  Zee Cafe and Colors Infinity reach  35 per cent of the households, whereas Star World and Comedy Central are in the 33 per cent range.  FX and AXN have 31 per cent  and 30 per cent reach respectively.

    * The recently launched Colors Infinity has a major stake in the Chennai region with 51 per cent reach whereas Star World’s figure is at  48 per cent. AXN, Comedy Central, Zee Café, FX have a reach of  36 per cent, 33 per cent, 29 and 19 per cent respectively.

    * Coming to the non-metros, AXN and Star World are the two leaders with a 47 per cent reach each. Comedy central has a hold of 33 per cent while old timer Zee Café Colors and FX reach 27 per cent of huseholds each. Colors  Infinity is the straggler at approximately  24 per cent.

  • English Entertainment TV channels: At inflection point?

    English Entertainment TV channels: At inflection point?

    MUMBAI: In George Bernard Shaw’s Pygmalion, Professor Higgins tells his acquaintance Colonel Pickering that he can make the colloquial sounding flower girl Eliza Dolittle speak like a duchess by teaching her how to speak proper English.

    Times Network CEO MK Anand is playing the role of Professor Higgins these days as far as the English language is concerned. He wants advertisers, those working in the 30-odd English language channels, agencies to look at the genre differently.  He believes that it has viewers in smaller towns, and even in the heartlands. That it is not just a six metro phenomenon; it is touching the masses.  Hence, it deserves that much more respect. And that the genre has only one way to go – up.

    Says Anand: “The entire idea of English being niche has been propagated by advertisers at some level. They have talked to us and have coached us and probably mesmerised and hypnotised us and we also started believing it. It’s like a self fulfilling prophecy which has led us to consider it is as so called niche. I don’t think we are niche at all. Someone started it with by saying that Hindi is predominant  prominent everywhere especially in rural. Then people thought that English is only focused on the six metros, which is no longer true.”

    Indeed English language broadcasters are and have been focusing on pushing their services in non-metros.  According to cable TV tracker Chrome Data, EECs used to get 80 per cent of their viewers from the six metros; 20 per cent from non-metros not so long ago. With digital addressable systems and set top boxes spreading in phase II and phase III areas of India, the pendulum has swung in the direction of the non-metros. Today, 60 per cent of the viewership is from the six metros; while 40 per cent is from non-metros.

    The 30 channels mentioned above account for a genre viewership share of just 0.5 per cent, according to the Ficci-KPMG 2016 report; as against Hindi GEC’s giant share  of 58 per cent.  According to another study, the average monthly reach of English language is around 208 million domestically. And the ad revenue all of English Entertainment TV channels generated last year was Rs 400 crore.

    What bodes well for this genre?  Well, for one, the fact that understanding and speaking English is very aspirational in smaller towns and in rural areas in the new India that is opening up economically to the world. Knowledge of English puts you at an immediate advantage over non-English speakers.  

    And the cult of Hollywood is beginning to spread nationally with American films being distributed theatrically in more screens with different language dubs over the past few years. These movies have started challenging Bollywood films in India in terms of theatrical business. Films like Fast and Furious 7, Avengers: Age Of Ultron, Jurassic World, Batman vs. Superman – Dawn Of Justice, etc. have opened higher than many big ticket Hindi releases.  The seventh edition of the Fast and Furious franchise racked up Rs 120 crore at the India box office.

    “Younger audiences are consuming English movies and entertainment more than Bollywood movies. At least, in some areas nationally.  Bollywood is no longer the predominant attraction there,” says media veteran Cyrus Oshidar.

    What’s additionally helping English TV channels get a hold on newer audiences in non-metros are the language subtitles. A study revealed that 79 per cent of viewers said that they find subtitles on English movie channels extremely useful. Explains AXN and Sony Pix business head Saurabh Yagnik: “Subtitles not only help viewers to follow the content better buts also boosts their language. Many players have also started dubbing shows for this reason.”

    Even as the audience for Hollywood movies on English channels has gone up, the viewership for English TV shows is not keeping pace and has gone down.  Shows such as Game of Thrones attract only niche audiences.

    According to Helios Media CEO Divya Radhakrishnan, that’s because the content, the format of American TV shows and their language don’t go down well Indian TV viewers in the interiors, because of the one TV household phenomenon there.

    Adds media analyst and IIM Calcutta professor  Chandradeep (CD) Mitra: “If the content is heavy and serious, people might not understand it. The content should be easy to follow and should be appealing with simple dialogues.”

    Finally, there is the issue of piracy. Audiences in metros are unwilling to wait for the delayed release of prize-winning TV series on Indian TV as compared to the first airing on American or British TV. “Piracy is a major worry for TV shows and with internet broadband and data costs coming down, more and more shows are being downloaded from torrent sites and watched on computers or on mobile devices,” says a media watcher.

    However, action channels are an exception as they continue to lure the young audiences, reveals Mitra.

    Overall English Entertainment channels  have been hit by rising content costs which are being demanded by international studios and distributors. A source points out that content acquisition costs for English entertainment have increased by 150 per cent as compared to three years’ ago. An estimate is that the cost per hour for an international  TV series comes close to Rs 4.5 lakh to Rs 6 lakh, irrespective of whether it is a hit overseas or not.

    English GECs attract premium brands who do large inventory deals as advertisers.. TV spot rates on an average are around Rs 4,000 for 10 seconds during weekdays while they could go up to Rs 40,000 for the weekend marathons.
    But advertising spends on the English entertainment genre is growing by 10-15 per cent annually, which is what makes it attractive. Observers expect new entrants to come in as the potential is only going to grow with increasing digitization.

    Says Vibrant Advertising VP Kartik Lakshminarayan: “I think it will increase in one year’s time with the push the genre gets from digital and social media.”

    “It is a vast market and the reach will get broader and broader with time,” adds Oshidhar.

    “Digitization is a natural tonic for them. The channels will get a better potential to distribute and the major part of the revenue is going to come out of distribution over time. By the end of this year, Indian broadcast and new media will obtain the wave for English  entertainment channels to grow so much that it will only explode from there,” concludes Anand.

    What is the reach of the English entertainment genre? Take a look at the following numbers to get an understanding.

    * It is but natural that the English entertainment channels have a amazing reach in India’s commercial capital Mumbai. AXN has a reach of 60 per cent, Zee Cafe attains 61 per cent,  Colors Infinity, Comedy Central have 63 per cent. Star World reaches 54 percent and FX reaches 53 per cent..

    * Star World has the maximum reach of 46 per cent households in Bangalore followed by AXN with 46 percent and Comedy Central with 45 per cent. Colors Infinity reaches out to 28 per cent while FX accounts for 22 per cent reach.

    * In India’s capital,  Star World has a  44 per cent reach making it the undisputed champ. Comedy Central has a grip of 34 percent, while FX,  Colors Infinity, and AXN manage a score  33 per cent, 32 per cent and 30 per cent respectively.

    * Down east in Kolkata,  Zee Cafe and Colors Infinity reach  35 per cent of the households, whereas Star World and Comedy Central are in the 33 per cent range.  FX and AXN have 31 per cent  and 30 per cent reach respectively.

    * The recently launched Colors Infinity has a major stake in the Chennai region with 51 per cent reach whereas Star World’s figure is at  48 per cent. AXN, Comedy Central, Zee Café, FX have a reach of  36 per cent, 33 per cent, 29 and 19 per cent respectively.

    * Coming to the non-metros, AXN and Star World are the two leaders with a 47 per cent reach each. Comedy central has a hold of 33 per cent while old timer Zee Café Colors and FX reach 27 per cent of huseholds each. Colors  Infinity is the straggler at approximately  24 per cent.

  • TDSAT to hear LCO cases against Siti Cable and Hathway afresh in light of new TRAI regulations

    TDSAT to hear LCO cases against Siti Cable and Hathway afresh in light of new TRAI regulations

    NEW DELHI: Local cable operators who are members of Karnataka State Digital Cable TV Operators Welfare Association and the Cable Operators Sangram Association of Kolkata have told the Telecom Disputes Settlement and Appellate Tribunal that they will not migrate to any other distributor without seeking prior permission from the tribunal.

    This assurance was given in three cases – one filed by the Karnataka Association against Siti Cable Networks, and the other two by the Kolkata body against Hathway Cable and Datacom. Counsel Nittin Bhatia made the statement on behalf of the members of these association who were involved in the petitions.

    The tribunal was informed by Siti Cable counsel Tejveer Singh Bhatia and Hathway counsel Jayant K. Mehta about the notifications issued by Telecom Regulatory Authority of India on 7 January and 15 March this year which ‘make some fundamental changes in the DAS Interconnection Regulations and have a direct bearing upon the controversies in these cases.’

    Chairman Justice Aftab Alam and member B B Srivastava listed the matter for 27 April for hearing the parties further in the light of the amendments introduced in the DAS Interconnect Regulations.

    The tribunal said that “In the meanwhile, the respondents may apprise the respective petitioners separately and also through their counsel Mr Nittin Bhatia regarding the rates and the terms and conditions including the respective rights and obligations of the parties under clause 10 of Schedule IV of the notification dated 15 March 2016, that the respondents might have executed with any other LCO operating in that area.”

    The Tribunal also made it clear that if any of the LCOs being represented through these petitions were willing to execute the agreement with the respondents on those terms, they were free to do so.

  • TDSAT to hear LCO cases against Siti Cable and Hathway afresh in light of new TRAI regulations

    TDSAT to hear LCO cases against Siti Cable and Hathway afresh in light of new TRAI regulations

    NEW DELHI: Local cable operators who are members of Karnataka State Digital Cable TV Operators Welfare Association and the Cable Operators Sangram Association of Kolkata have told the Telecom Disputes Settlement and Appellate Tribunal that they will not migrate to any other distributor without seeking prior permission from the tribunal.

    This assurance was given in three cases – one filed by the Karnataka Association against Siti Cable Networks, and the other two by the Kolkata body against Hathway Cable and Datacom. Counsel Nittin Bhatia made the statement on behalf of the members of these association who were involved in the petitions.

    The tribunal was informed by Siti Cable counsel Tejveer Singh Bhatia and Hathway counsel Jayant K. Mehta about the notifications issued by Telecom Regulatory Authority of India on 7 January and 15 March this year which ‘make some fundamental changes in the DAS Interconnection Regulations and have a direct bearing upon the controversies in these cases.’

    Chairman Justice Aftab Alam and member B B Srivastava listed the matter for 27 April for hearing the parties further in the light of the amendments introduced in the DAS Interconnect Regulations.

    The tribunal said that “In the meanwhile, the respondents may apprise the respective petitioners separately and also through their counsel Mr Nittin Bhatia regarding the rates and the terms and conditions including the respective rights and obligations of the parties under clause 10 of Schedule IV of the notification dated 15 March 2016, that the respondents might have executed with any other LCO operating in that area.”

    The Tribunal also made it clear that if any of the LCOs being represented through these petitions were willing to execute the agreement with the respondents on those terms, they were free to do so.