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Tag: Den Networks

  • Den Networks Q1 profit jumps 41 per cent to Rs 508 million despite flat sales

    Den Networks Q1 profit jumps 41 per cent to Rs 508 million despite flat sales

    MUMBAI: Den Networks may have seen revenues tread water this quarter, but profits took the express lane. Den Networks has posted a standalone profit after tax (PAT) of Rs 508.2 million for the quarter ended 30 June 2025, marking a 41 per cent year-on-year jump from Rs 359.3 million in the same period last year even as total revenue growth stayed modest at just 6 per cent.

    According to the company’s unaudited financials approved by the board of directors on 14 July 2025, total income for the quarter stood at Rs 3,150.8 million, up from Rs 2,959.6 million in Q1 FY24. This includes revenue from operations at Rs 2,456.1 million and other income largely investment returns at Rs 694.8 million.

    Cost-consciousness appears to have paid off. Total expenses declined 3.5 per cent sequentially to Rs 2,566.1 million. Notably, Den reduced its placement fees from Rs 484.1 million in Q4 FY25 to Rs 361.3 million this quarter. Content costs held steady at Rs 1,487.9 million.

    While finance costs remained negligible at Rs 5.5 million, a sharper tax outgo up 113 per cent year-on-year to Rs 76.6 million chipped at the bottom line, although it didn’t stop PAT from soaring past Rs 500 million. Earnings per share (EPS) came in at Rs 1.07, up from Rs 0.75 in Q1 FY24.

    Den’s consolidated results which include its 24 subsidiaries and five associate entities also painted a strong picture. Consolidated PAT stood at Rs 536.4 million, while total income was pegged at Rs 3,119.5 million. The group’s broadband business, however, saw a dip in revenue to Rs 104.6 million from Rs 121.2 million a year ago.

    The cable distribution segment continues to be the mainstay, accounting for Rs 2,353.1 million of gross revenue this quarter. Interestingly, other income (largely interest and investment income) surpassed Rs 700 million on the consolidated books, nearly 23 per cent of total income.

    Even as broadband and cable network operations posted minor operating losses, the group’s strong treasury returns and cost containment measures seem to have steadied the ship.

    Den Networks, now a part of the Reliance Industries-backed media ecosystem, continues to operate with healthy cash reserves. As of June 30, 2025, total consolidated assets stood at Rs 42,246.3 million, up from Rs 40,084.5 million in Q1 FY24, signalling long-term stability despite a flattish top line.

    For now, while India’s cable industry battles disruption from OTT and broadband wars, Den’s Q1 scorecard shows that fiscal discipline and high-yield investments can still keep the books in the black.

     

  • Den-tastic rebound as profits climb despite dip in revenues

    Den-tastic rebound as profits climb despite dip in revenues

    MUMBAI: Den Networks has dialled in a steady signal of profitability, even as top-line numbers took a slight dip. The cable and broadband player closed FY25 with a standalone net profit of Rs 1,173.96 million, despite a drop in annual revenue from operations to Rs 9,891.45 million, down from Rs 10,347.56 million in FY24. Total income for the year stood at Rs 12,279.77 million, marginally lower than the Rs 12,391.39 million earned in the previous fiscal.

    Even with this modest revenue decline, Den managed to hold its ground thanks to tighter cost controls and robust income from other sources, which rose to Rs 2,388.32 million in FY25, up from Rs 2,043.83 million a year ago. Placement fees and employee benefit expenses remained largely consistent, while content costs dipped to Rs 5,794.60 million from Rs 6,012.47 million.

    On the earnings front, profit before tax came in at Rs 1,588.47 million, and the company reported a basic and diluted earnings per share of Rs 2.46 for FY25, compared to Rs 3.68 in FY24. The total comprehensive income stood at Rs 1,178.83 million.

    Den’s standalone balance sheet also reflected financial prudence, with total assets at Rs 42,496.64 million and equity capital of Rs 4,767.66 million. Cash and cash equivalents stood at Rs 106.11 million, a drop from Rs 171.73 million in FY24, reflecting increased capital expenditure and strategic investments.

    On the consolidated front, Den clocked a net profit of Rs 1,967.30 million for FY25, supported by a total income of Rs 12,495.34 million and contributions from 24 subsidiaries and 5 associates. Profit attributable to the parent company’s shareholders was Rs 2,000.62 million. Its cable distribution segment remained the primary revenue driver, raking in Rs 9,780.35 million, while broadband contributed Rs 453.73 million.

    Den also made headway in cost management across its subsidiaries. Depreciation and amortisation dropped year-on-year from Rs 1,128.10 million to Rs 1,057.65 million. Total liabilities declined to Rs 4,825.45 million from Rs 4,630.70 million, with the company maintaining a strong equity base of Rs 36,596.46 million, including Rs 400.81 million in non-controlling interest.

    Cash from operating activities stood at Rs 183.00 million, down from Rs 836.28 million in FY24, largely due to higher outflows in tax and receivables. The company closed the year with cash reserves of Rs 159.23 million.

    Auditors Chaturvedi & Shah issued an unmodified opinion on both standalone and consolidated financial statements, confirming the company’s clean financial health.

    With a focus on digital transformation and regional expansion, Den seems poised to keep its broadband and cable businesses in sync with the shifting currents of India’s media landscape.

  • Naval Pandya plugs In at You Broadband, eyes national network expansion

    Naval Pandya plugs In at You Broadband, eyes national network expansion

    MUMBAI: Naval Pandya, a seasoned telecom executive, has joined You Broadband India  as vice president of network alliance, tasked with turbocharging the company’s national broadband expansion. After a 13-year stint at GTPL Hathway, Pandya is set to leverage his extensive experience to forge strategic partnerships and broaden You Broadband’s footprint.

    Pandya, who officially plugged into his new role in April 2025, brings over two decades of industry expertise to the table. His LinkedIn post expressed enthusiasm for “building on that journey by strengthening our last-mile access and creating broadband-ready homes across the country.”

    You Broadband, in a statement, highlighted Pandya’s “more than 22 years of industry experience,” and expressed confidence that his “leadership and drive will contribute significantly to our goals on expanding the operator business.”

    Prior to You Broadband, Pandya served as vice president of broadband sales & operations at GTPL Hathway, where he oversaw customer lifecycle management, P&L management, and growth strategies. His resume also includes roles at Den Networks, Hathway Cable & Datacom, Bharti Airtel, Tata Communications, and You Telecom India.

    Pandya’s track record spans cable TV operations, broadband sales, and institutional sales, positioning him to drive You Broadband’s ambitions in a rapidly evolving market. He arrives at You Broadband with a wealth of experience in the Indian broadband and cable sectors.

  • Den Networks struggles with profitability amid revenue declines in Q3 FY25

    Den Networks struggles with profitability amid revenue declines in Q3 FY25

    MUMBAI: Once a linchpin of India’s cable and broadband revolution, Den Networks now finds itself grappling with the seismic shifts of the digital era.

    As 5G continues its relentless march across urban India, the cable giant-helmed by CEO S.N. Sharma and co-founded by Sameer Manchandana-reported lukewarm financial results for Q3 FY25, highlighting the mounting pressures of an evolving market.

    While operational focus remains intact, Den’s revenue growth and profitability paint a picture of an industry at a crossroads, battling the twin challenges of rising competition and technological disruption.

    Will Den Networks hold its ground, or is this the beginning of the end for traditional cable dominance in India’s digital ecosystem?

    For Q3 FY25, Den Networks’ standalone revenue from operations decreased by 3.1 per cent year-on-year (YoY), dropping to Rs 2,582.96 million from Rs 2,666.69 million in Q3 FY24. The nine-month revenue also declined by 8.0 per cent to Rs 7,455.83 million compared to Rs 8,105.98 million during the same period last year. On a consolidated basis, the quarterly revenue from operations stood at Rs 2,607.04 million, marking a 4.5 per cent dip YoY.

    The decline in revenue is primarily attributed to lower cable distribution revenues and intensified competition in the broadband sector. The cable distribution network generated Rs 2,495.73 million in Q3 FY25, compared to Rs 2,648.03 million in Q3 FY24, reflecting a 5.7 per cent YoY drop. The broadband segment, however, posted a notable improvement, contributing Rs 111.31 million in Q3 FY25, up 36.8 per cent from Rs 81.34 million in the prior year.

    Den Networks reported a standalone profit after tax (PAT) of Rs 231.17 million for Q3 FY25, a significant 43.6 per cent decline from Rs 409.96 million in Q3 FY24. The consolidated PAT showed a similar downward trend, standing at Rs 419.29 million for Q3 FY25, down 12.4 per cent from Rs 478.58 million a year earlier.

    Increased operational expenses compounded profitability challenges. Content costs for the quarter rose to Rs 1,577.03 million, accounting for 61.1 per cent of revenue from operations, compared to 57.3 per cent in Q3 FY24. Depreciation and amortisation expenses remained elevated at Rs 179.95 million, reflecting sustained investments in infrastructure.

    For the nine months ended 31 December 2024, standalone PAT stood at Rs 934.07 million, a sharp decline of 30.3 per cent from Rs 1,340.25 million during the same period last year. Consolidated nine-month PAT came in at Rs 1,368.69 million, showing a marginal 0.8 per cent increase compared to Rs 1,357.43 million in the previous year.

    Den Networks faces an uphill task in reviving its growth trajectory. The cable business, contributing the bulk of revenues, continues to face pricing pressures and subscriber churn due to the growing shift towards over-the-top (OTT) platforms. Broadband, while exhibiting growth, remains a small portion of the overall revenue.

    The company’s operational margins also face challenges. The EBITDA margin compressed as placement fees and employee benefits expenses rose YoY, reflecting increased competitive and operational demands.

    While Den Networks’ focus on broadband growth is commendable, the overall decline in revenue and profitability highlights the pressing need for strategic adjustments. Addressing challenges in the cable segment, optimising operational efficiencies, and capitalising on digital opportunities will be critical for long-term sustainability.

  • Den Networks: Profitability rises; revenues drop in Q2 FY 2025

    Den Networks: Profitability rises; revenues drop in Q2 FY 2025

    MUMBAI: National multisystem operator Den Networks has reported a drop in revenues in Q2 FY 2025 ended 30 September 2024, even as its profitability has improved as compared to year ago same period on a consolidated basis.

    In regulatory filings with the Bombay stock exchange (BSE), DEN declared Rs 2490.80 million in operating revenue as against an operating revenue of Rs 2766.13 million in the year ago Q2 period. That is a drop of around 9.95 per cent. Its subscription revenue too saw a dip to Rs 1210 million from Rs 1460 million in the same year-ago period. EBITDA plunged 35 per cent to Rs 280 million in Q2FY2024 as compared to Rs 430 million in Q2FY 2024.

    Unlike GTPL Hathway which reported a drop in its net profit, DEN Networks said its net profit rose 13.94 per cent to Rs 520.5 million in  Q2 FY 2025 as against Rs 456.8 million in the quarter ended 30  September 2023. Its

    On a half yearly basis ended 30 September 2024, the company’s total consolidated revenue crashed to Rs 4966.08 million as against Rs 5497.94 million in the half year ended 30 September 2023. Its profit after tax for the latest H1 FY 2025 period rose to Rs 949.40 million as against Rs 878.85 million in H1 FY2023.Its operating profit  before working capital changes fell to Rs 465.74 million from Rs 589.15 million. The cash the company generated from operations nosedived to Rs 222.69 million (Rs 677.28 million).

    Den Networks’  share price was shaved by 47 paise to close at Rs 51.75 at the end of trading.

     

  • Hathway and Den bring Invidi Tech’s addressable ad tech to digital cable TV

    Hathway and Den bring Invidi Tech’s addressable ad tech to digital cable TV

    MUMBAI: Invidi Technologies, a pioneer in addressable advertising technology, has announced a ground-breaking partnership with Hathway Digital Ltd. (Hathway Digital), a wholly owned subsidiary of Hathway Cable & Datacom Limited (Hathway)  and Den Networks Ltd. (Den), India’s leading multi-system operators (MSOs). This collaboration marks a significant step in transforming the digital cable TV advertising landscape by introducing, for the first time, digital cable TV markets advanced targeted ad solutions to Hathway Digital  and Den’s extensive distribution network. This partnership will help in addressing the pressing need of the current day and age of reaching the right audience in the right markets in the most economical way. 

    Both Hathway Digital and Den will leverage Invidi Technologies’ cutting-edge ad tech through this strategic alliance to deliver highly targeted and personalised advertisements to diverse audiences. This solution will ensure anomalies of linear TV ads is addressed and they  are delivered with the required advertiser’s customer profile cohorts. This innovative approach will open new avenues, improve media buying efficiencies and allow brands to reach specific viewer segments with tailored messages, enhancing the relevance and effectiveness of their money spent on ad campaigns.

    Says Invidi Technologies chief operating officer Prasad Sanagavarapu: “Our collaboration with both Hathway and Den represents a major advancement for content owners, viewers, and advertisers alike. By deploying Invidi’s  addressable TV solutions, Hathway and Den will enable brands to optimise their marketing spend by delivering relevant ads directly to their target audiences. This partnership underscores our commitment to enhancing the Indian advertising ecosystem with state-of-the-art technology.”

    Adds a Den representative:  “We’re excited to integrate Invidi’s technology into our operations. This partnership is a game-changer for our advertising partners, giving them the ability to target their audiences with unprecedented precision. For our subscribers, it means receiving more relevant and engaging content, which enhances their overall viewing experience. By bringing Invidi’s  advanced solutions to the Indian market, we’re not just improving our ad offerings but also providing our subscribers with more relevant content and less ad clutter.”

    “We are delighted to bring first time in digital cable TV, targeted ad solutions and partnering with Invidi Technologies represents a major milestone in our commitment to delivering cutting-edge solutions to our advertisers,” points out a Hathway representative. “This partnership will redefine the ads on digital cable TV and enable us to offer a new level of precision in linear TV advertising. With this, brands can connect with their audiences more meaningfully.”

    Addressable TV advertising represents a departure from traditional broad-spectrum TV ads. Unlike conventional methods, which cast a wide net, addressable ads allow for precise targeting based on viewer demographics, interests, and behaviours. This tailored approach not only improves the relevance of the advertising content but also boosts engagement and maximises the return on investment for advertisers by minimising wasted impressions.

    Combining Hathway Digital and Den’s extensive distribution network and reach with Invidi’s advanced targeting capabilities, this partnership will deliver a robust ad solution that bridges the gap between linear digital cable TV’s wide audience and digital precision targeting, providing brands with a powerful tool to connect more effectively with their ideal customers.

    (Pix: courtesy Barc)

     

  • Den Networks reports revenue of Rs 1,226 crore for FY’22

    Den Networks reports revenue of Rs 1,226 crore for FY’22

    Mumbai: Cable TV distribution company Den Networks has released its financial results for the fourth quarter 2022 on Thursday. The company reported revenues of Rs 303 crore and profit after tax of Rs 49 crore higher than Q3’22 which was at Rs 44 core.

    The company reported revenue of Rs 1,226 crore for FY’22 less than it earned in FY’21 at 1,307 crore. Its profit after tax for the year stood at Rs 171 crore and the total cost for the year stood at Rs 1,022 crore.

    The company reported gross debt and healthy cash balances of Rs 2,547 crore for the quarter. It earned Rs 167 crore from subscriptions, Rs 93 crore from marketing income, Rs 26 crore from other operating income, and Rs 17 crore in activation revenues.

    The company also reported total costs of Rs 248 crore including content costs at Rs 148 crore, personnel costs at Rs 21 core, other operational expenses at Rs 79 crore, and Rs one crore provision for doubtful debts and advances.

    Den Networks operates a cable and broadband business. Its cable operations cover over 500+ cities/towns across 13 key states including Delhi, Uttar Pradesh, Karnataka, Maharashtra, Gujarat, Rajasthan, Haryana, Kerala, West Bengal, Jharkhand, Bihar, Madhya Pradesh, and Uttarakhand in India. Its broadband business is enabled across 41 cities/towns in the country.

  • VBS 2022: Over-regulation could impede pay-TV industry’s growth in near-term

    VBS 2022: Over-regulation could impede pay-TV industry’s growth in near-term

    Mumbai: Over-regulation could impede the pay-TV industry’s growth in the near term, especially amid rising competition from the OTT platforms, and DD Free Dish’s expanding territories, highlighted industry stakeholders at the Video and Broadband Summit (VBS) 2022 on Wednesday.

    The day-long virtual event organised by Indiantelevision.com and co-powered by broadpeak concluded its 18th edition. Disney Star came on board as the presenting partner, while NxtDigital was the summit partner.

    The event witnessed an engaging panel discussion among experts from the broadcast and DTH industry as well as other stakeholders as they examined the challenges faced by the pay-TV industry and deliberated on the opportunities that lay ahead. The session was moderated by Indiantelevision.com founder CEO and editor-in-chief Anil Wanvari.

    Overview of pay-TV industry

    TV penetration in India is currently estimated at 60 per cent which means that a third of the households are yet to own a TV set. There are around 210 million TV households, growing at seven per cent year-on-year and adding six-to-seven million new homes. The data also suggests that about 12-14 million TV sets are sold every year.

    While markets like Tamil Nadu and Kerala have a strong TV presence with 98 per cent and 92 per cent penetration, respectively, other markets like Bihar, Jharkhand, Orissa have a huge headroom for growth. In some markets such as Uttar Pradesh, Uttarakhand, Madhya Pradesh, and Chhattisgarh TV penetration is as low as ~40 per cent.

    The Telecom Regulatory Authority of India (Trai) and Federation of Indian Chambers of Commerce and Industry (FICCI) estimated that there are 130 million pay-TV homes in the country. Linear pay-TV business average revenue per user is ~Rs 240 which is less than $3.5.

    “The data shows that there are 300 million homes with 4.5 people on average. While the population may remain the same going forward, the number of households will increase owing to nuclearisation of families,” observed Tata Sky chief financial officer Sambasivan G highlighting the headroom for growth in the coming years. “More households will mean more opportunity for pay-TV to grow.”

    Migration to DD Free Dish

    According to the panellists, free DTH platforms like DD Free Dish are also invading the pay-TV territories and expanding their share. According to the latest data, DD Free Dish run by public broadcaster Prasar Bharati has doubled its base from 20 million to 40 million in the last five years.

    “In the last two years, we have seen the migration to Free Dish gaining momentum,” said Star and Disney India head – distribution and international (India) Gurjeev Singh Kapoor. Drawing attention to the impact of the pandemic, Kapoor said, pay-TV homes had tumbled down by two to three million as consumers moved to free TV because they did not have disposable incomes.

    Ernst and Young media and entertainment advisory services partner Ashish Pherwani noted that the upcoming FICCI report in March will show a further decline of six million households in the pay-TV universe. The report will also indicate a big growth in the number of connected TV (CTV) households. “If you look at pay-TV plus CTV then there’s a growth that will continue in the future,” he said.

    Den Networks CEO SN Sharma maintained that while Free Dish was a noble service that provided entertainment to lakhs of viewers, the challenge emerged when broadcasters charged distributed platform operators (DPOs) money for offering pay channels but gave it free of cost on Free Dish. “There must be a level playing field in terms of regulation,” he said.

    Serving the FTA audience

    Broadcasters and distributors agreed that the TV consumer in India exists on a spectrum where at the top of the pyramid there’s a customer who watches linear TV, broadband video, and OTT whereas at the bottom of the pyramid there’s a customer who prefers to watch only free TV. “For any product and not just TV, you’ll have a market where there will be a free, a pay, and a premium offering,” said Pherwani.  

    “Free TV exists even in mature markets such as the US, Europe, Australia, and the Indian consumer always wants more for less,” commented Indiacast president- affiliate sales- India, South Asia, and APAC Amit Arora. “The bulk of DAS 3 and DAS 4 markets are going to remain connected to the TV, however, growth remains a bigger challenge.”

    According to the panellists, broadcasters have discovered that being available on Free Dish and serving the FTA audience makes more business sense than moving away from the platform. “Somewhere in 2019, when broadcasters went off Free Dish it was estimated to have a base of 30 million. That audience segment remained there,” observed Amit Arora. “We should look at a different solution and attack the market where free TV is present, rather than wishing this problem will go away if we knock off our channels from Free Dish.”

    Star and Disney India’s Gurjeev Singh Kapoor also agreed. “When we vacated that platform (Free Dish) we saw other channels emerging as number one, therefore not being present on Free Dish is not a sensible proposition. You need to have content to entertain people who have less disposable income,” he contended.

    According to Nxtdigital CEO Vynsley Fernandes, free TV audiences can be wooed back to pay-TV by offering them a better product. “A Free Dish customer watches 100 channels for free by paying a one-time nominal fee for the set-top-box (STB),” he said. “We created a lifetime-free product that bundled 300 free channels where the customer had to pay a one-time fee for a digital STB. This allowed them to watch any free channel and upgrade their service to access pay channels if they wanted.”

    He added, “broadcasters and DPOs need to work together to develop products that cater to different socio-economic classes. Today, we’re struggling to figure out what those step-up products can be because you can’t create a thousand different products.”

    NTO 2.0 regulation

    After the first tariff order was implemented in February 2019, it took six months for TV viewership to stabilise and consumers to successfully migrate to the new tariff regime. Pay-TV subscribers declined by 12-15 million according to industry estimates which were compounded by the pandemic which struck in March 2020. Experts on the panel believe that the implementation of the new tariff order (NTO) 2.0 during this period of economic recovery would only disturb the whole ecosystem.

    “This black swan event has changed the consumption patterns on TV, meanwhile, 20-30 million subscribers have dropped from linear TV due to transitioning from one tariff regime to another,” said Amit Arora. “A lot of economies have shown that restrictive policies do not lead to fundamental growth of the sector. What we need right now is a broad paradigm and notover-regulation”

    Highlighting that India has immense competition in the broadcasting sector with 900+ channels and pressure from OTT and Free Dish platforms as well, Gurjeev Singh Kapoor said, in such a market, “the regulator should treat broadcasters with forbearance and let market forces prevail.”

    Adding further, he said, “The average ARPUs for satellite and cable TV and DTH providers is Rs 240. But if you look at what broadcasters walk away with, it is not even one dollar. Is that kind of business model sustainable? We have to look at what the consumer can pay best.”

    Tata Sky chief financial officer Sambasivan G said, said, there was no to flinch from any price increase as a result of NTO 2.0. “We are charging the customer 50 per cent of what we were charging them 20 years ago for double the content. That means the customer is getting four times the value. Even with a price increase we will still be the cheapest pay TV market in the world,” he asserted.

    “The status quo should be maintained for some time,” believed SN Sharma. “Broadcasters have hiked their channel prices by as much as 80 per cent but DPOs are not in a position to handle these kind of price hikes. This kind of disruption will disturb the whole pay TV ecosystem.”

    Parity in regulation of OTT and pay TV platforms

    SN Sharma observed that all major broadcasters are operating their own OTT platforms and offering their pay channels for relatively low cost compared to pay TV. “There must be parity in pricing on cable TV and on OTT,” he stated.

    Commenting on the issue, Gurjeev Singh Kapoor said, “OTT in India is still a second screen phenomenon where a large portion of OTT content is consumed on mobile. It is still not a living room experience. So, I don’t think it is fair to compare linear TV and OTT pricing.”

    He added, “In a market like India with 300 million homes, there are 10 million homes that watch TV content on OTT which is not a big number. So, we’re missing the forest for the trees.”

    “All our linear TV channels are behind the paywall on OTT and not on AVOD. I believe we should be talking about deregulation of linear TV rather than regulating OTT,” remarked Amit Arora.

  • Den Networks posts consolidated revenues of Rs 294 cr in Q3 FY22

    Den Networks posts consolidated revenues of Rs 294 cr in Q3 FY22

    Mumbai: Den Networks has released its financial results for the third quarter of FY 2022. The company reported consolidated revenue of Rs 294 crore and consolidated EBITDA of Rs 50 crore. It reported a profit after tax of Rs 44 crore and cash and cash equivalents stood at Rs 2525 crore.

    The company saw subscription revenues at Rs 177 crore a decline of three per cent quarter-on-quarter and 12 per cent year-on-year. Its income from marketing/placement stood at Rs 86 crore, a decline of 12 per cent QoQ and 19 per cent YoY. Other operating income stood at Rs 12 crore a 52 per cent decline QoQ but a 70 per cent increase YoY. Its activation revenues stood at Rs 20 crore, a five per cent decline QoQ and 30 per cent decline YoY.

    The company’s content costs stood at Rs 149 crore, a seven per cent decline compared to the previous quarter and an eight per cent decline YoY. Personnel costs stood at Rs 20 crore and other operational expenses at Rs 70 crore.

    Den Networks operates a cable TV distribution business spread across 500+ cities/towns in 13 states and a broadband business that is available across 41 cities/towns in India. 

  • Den Networks calls off merger with Hathway, TV18

    Den Networks calls off merger with Hathway, TV18

    KOLKATA: Multi-system operator Den networks has decided not to proceed with the scheme under which TV18 Broadcast, Hathway Cable & Datacom and Den Networks were to merge into Network18 Media & Investments.

    “Considering that more than a year has passed from the time the board considered the scheme, the board of the company has decided not to proceed with the arrangement envisaged in the scheme,” it said in a regulatory filing.

    In February 2020, Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities into Network18. It was planned that the broadcasting business would be housed in Network18 and the cable and ISP businesses in two separate wholly owned subsidiaries of Network18. The restructuring would create value-chain integration, and render substantial economies of scale, Reliance said at that time.

    The shareholders are aware that the scheme was filed with both the Bombay Stock Exchange and National Stock Exchange for their no-objection letter, Den Networks stated in the latest filing.

    “The Company had also disclosed in its quarterly financial results for the quarters ended 30 June 2020 and 30 September 2020, that the stock exchanges had returned the scheme stating that the company may apply to the stock exchanges once the Scheme is in compliance with SEBI circulars/ SEBI regulations. This pertained to the compliance by the company and Hathway Cable and Datacom Ltd of the minimum public shareholding requirement,” it said.