ITV

Tag: Den

  • Not sacked, going back to handle different responsibilities: Kenny Shin

    Not sacked, going back to handle different responsibilities: Kenny Shin

    MUMBAI: The Home shopping business in India which has major players Home Shop 18, Shop CJ, Den – Snapdeal, Naptol and the latest entry Best Deal TV, was rattled by reports of two senior officials of Shop CJ Network moving. There were rumours of CEO Kenny Shin and CFO Ramakrishnan N being sacked by the top management. 

    “Not sacked, just going back to handle different responsibilities” says Shin in an exclusive interaction with Indiantelevision.com. “We have performed better than we expected and hence sacking for underperformance is beyond question,” he adds.

    “Rs 850 crore was our estimate and we have had sales of Rs 900 crore which shows we over performed. We re-branded ourselves, we transformed from Star CJ to Shop CJ, launched two regional channels. So it has been an action packed year for us,” explains Shin.

    A few months ago, in an interview with Indiantelevision.com, Shin had shared a different number for sales estimates. He had said, “We are poised to cross Rs 1,200 crore turnover this year, recording a 40 per cent growth over sales of Rs 850 crore achieved in the last calendar year. Our channel reaches to more than 6.5 crore households in India and currently caters to about 40 per cent of the market.”

    Costs incurred by the company have also gone up significantly this year. As per information from a source close to the development, Shop CJ spent around Rs 70 crore last year (2014 – 15) which skyrocketed this year. “We were looking at spends of Rs 200 crore from the very beginning, as I told you earlier, we were looking ahead at this year to garner maximum reach and sales and hence higher spends were done to have better marketing and distribution,” asserts Shin.

    What about the CFO Ramakrishnan N? Has he also been moved to take on other responsibilities? “No!” exclaims Shin. “He has two daughters and a family in Bengaluru, and since the past one year he has been traveling a lot to and fro, which was getting difficult for him. So he decided to step down as the CFO and will now move back in with his family. He has done a wonderful job as the CFO and we wish him best of luck,” Shin adds.

    “I am headed back to Korea by this month end and it was a great four year journey in India” Shin concludes.

    Meanwhile the network has announced SR Yoon as the new CEO of Shop CJ India to replace Kenny Shin, and in an official letter to its employees mentioned it is looking for a new CFO.

  • Not sacked, going back to handle different responsibilities: Kenny Shin

    Not sacked, going back to handle different responsibilities: Kenny Shin

    MUMBAI: The Home shopping business in India which has major players Home Shop 18, Shop CJ, Den – Snapdeal, Naptol and the latest entry Best Deal TV, was rattled by reports of two senior officials of Shop CJ Network moving. There were rumours of CEO Kenny Shin and CFO Ramakrishnan N being sacked by the top management. 

    “Not sacked, just going back to handle different responsibilities” says Shin in an exclusive interaction with Indiantelevision.com. “We have performed better than we expected and hence sacking for underperformance is beyond question,” he adds.

    “Rs 850 crore was our estimate and we have had sales of Rs 900 crore which shows we over performed. We re-branded ourselves, we transformed from Star CJ to Shop CJ, launched two regional channels. So it has been an action packed year for us,” explains Shin.

    A few months ago, in an interview with Indiantelevision.com, Shin had shared a different number for sales estimates. He had said, “We are poised to cross Rs 1,200 crore turnover this year, recording a 40 per cent growth over sales of Rs 850 crore achieved in the last calendar year. Our channel reaches to more than 6.5 crore households in India and currently caters to about 40 per cent of the market.”

    Costs incurred by the company have also gone up significantly this year. As per information from a source close to the development, Shop CJ spent around Rs 70 crore last year (2014 – 15) which skyrocketed this year. “We were looking at spends of Rs 200 crore from the very beginning, as I told you earlier, we were looking ahead at this year to garner maximum reach and sales and hence higher spends were done to have better marketing and distribution,” asserts Shin.

    What about the CFO Ramakrishnan N? Has he also been moved to take on other responsibilities? “No!” exclaims Shin. “He has two daughters and a family in Bengaluru, and since the past one year he has been traveling a lot to and fro, which was getting difficult for him. So he decided to step down as the CFO and will now move back in with his family. He has done a wonderful job as the CFO and we wish him best of luck,” Shin adds.

    “I am headed back to Korea by this month end and it was a great four year journey in India” Shin concludes.

    Meanwhile the network has announced SR Yoon as the new CEO of Shop CJ India to replace Kenny Shin, and in an official letter to its employees mentioned it is looking for a new CFO.

  • DEN to get foreign investment by way of shares but within limit approved in August

    DEN to get foreign investment by way of shares but within limit approved in August

    NEW DELHI: DEN Networks Limited has been permitted to get foreign investment in the company by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities for its telecom business.

    However, the Foreign Investments Promotion Board (FIPB) has said that DEN had been granted approval on 14 August last year for investment from FIIs/NRIs/FPIs upto 74 per cent in the company and this fresh application would be within the same approved foreign investment limit and thus involve no extra foreign investment.

    At the same time, the Ministry approved the proposal by the telecom player Atria Convergence Technologies seeking approval for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) Limited and TA FVCI Investors Limited. This will not involve any foreign investment.

    The Ministry forwarded to the Cabinet Committee on Economic Affairs the proposal of ATC Asia Pacific Pte. Ltd seeking approval has been sought for acquisition of 51 per cent of the shareholding of Viom Networks Limited by ATC Asia Pacific Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders as it involved a huge foreign direct investment of Rs 5856.51 crore.

    On the other hand, the Finance Ministry on the advice of FIPB deferred the proposal by Jasper Infotech for making downstream investment in Macro Commerce by purchasing 50 per cent stake in the company from DEN Networks, which is its existing holding company.

  • DEN to get foreign investment by way of shares but within limit approved in August

    DEN to get foreign investment by way of shares but within limit approved in August

    NEW DELHI: DEN Networks Limited has been permitted to get foreign investment in the company by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities for its telecom business.

    However, the Foreign Investments Promotion Board (FIPB) has said that DEN had been granted approval on 14 August last year for investment from FIIs/NRIs/FPIs upto 74 per cent in the company and this fresh application would be within the same approved foreign investment limit and thus involve no extra foreign investment.

    At the same time, the Ministry approved the proposal by the telecom player Atria Convergence Technologies seeking approval for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) Limited and TA FVCI Investors Limited. This will not involve any foreign investment.

    The Ministry forwarded to the Cabinet Committee on Economic Affairs the proposal of ATC Asia Pacific Pte. Ltd seeking approval has been sought for acquisition of 51 per cent of the shareholding of Viom Networks Limited by ATC Asia Pacific Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders as it involved a huge foreign direct investment of Rs 5856.51 crore.

    On the other hand, the Finance Ministry on the advice of FIPB deferred the proposal by Jasper Infotech for making downstream investment in Macro Commerce by purchasing 50 per cent stake in the company from DEN Networks, which is its existing holding company.

  • DEN Networks to de-merge broadband biz; consolidate cable TV enterprises

    DEN Networks to de-merge broadband biz; consolidate cable TV enterprises

    NEW DELHI: With an aim of creating a distinct identity for each of its enterprises, major multi-satellite operator Den Networks Ltd to merge 23 subsidiaries in the cable business and to de-merge its broadband business into a wholly owned subsidiary.

    The Board of Directors has granted in-principle approval for the changes following corporate action subject to regulatory and shareholder approval.

    The aim is to strengthen the single brand leading to a stronger market presence, providing customers with a seamless on-board experience, and removing any other brand perceptions and distinctions in customers’ minds.

    The structure will result in economies of scale and reduce administrative and regulatory compliances and a more focused operational effort, realising synergies in terms of compliance, governance, administration and cost synergies.

    The de-merger of broadband will enable a focused attention on the Internet Service Provider business and achieve structural and operational efficiency, enhanced competitiveness and greater accountability besides accelerating value creation for shareholders, the company said.

    Furthermore, the separation will allow DEN to aggressively focus on the significant growth potential for high speed data and related services in India.

    DEN also intends to take the lead in driving wire line broadband penetration in India.

    DEN Networks CEO Pradeep Parameswaran said, “We are focused on creation of a distinct identity for each of our businesses and the recent in-principle board approval is a step in this direction. This corporate structure will strengthen the  brand while also giving us an opportunity for shareholder value creation.”

  • DEN Networks to de-merge broadband biz; consolidate cable TV enterprises

    DEN Networks to de-merge broadband biz; consolidate cable TV enterprises

    NEW DELHI: With an aim of creating a distinct identity for each of its enterprises, major multi-satellite operator Den Networks Ltd to merge 23 subsidiaries in the cable business and to de-merge its broadband business into a wholly owned subsidiary.

    The Board of Directors has granted in-principle approval for the changes following corporate action subject to regulatory and shareholder approval.

    The aim is to strengthen the single brand leading to a stronger market presence, providing customers with a seamless on-board experience, and removing any other brand perceptions and distinctions in customers’ minds.

    The structure will result in economies of scale and reduce administrative and regulatory compliances and a more focused operational effort, realising synergies in terms of compliance, governance, administration and cost synergies.

    The de-merger of broadband will enable a focused attention on the Internet Service Provider business and achieve structural and operational efficiency, enhanced competitiveness and greater accountability besides accelerating value creation for shareholders, the company said.

    Furthermore, the separation will allow DEN to aggressively focus on the significant growth potential for high speed data and related services in India.

    DEN also intends to take the lead in driving wire line broadband penetration in India.

    DEN Networks CEO Pradeep Parameswaran said, “We are focused on creation of a distinct identity for each of our businesses and the recent in-principle board approval is a step in this direction. This corporate structure will strengthen the  brand while also giving us an opportunity for shareholder value creation.”

  • Q3-2016: Den activation revenue boost revenue 31 percent; adds 9 lakh digital subscribers in a quarter

    Q3-2016: Den activation revenue boost revenue 31 percent; adds 9 lakh digital subscribers in a quarter

    BENGALURU: As mentioned earlier, Den Networks Ltd had reported 31 per cent YoY growth in consolidated Total Income from operations (TIO) in the quarter ended 31 December, 2015 (Q3-2016, current quarter) at Rs 352.18 crore as compared to Rs 268.81 crore. TIO increased 29.8 per cent QoQ as compared to Rs 271.29 crore.

     

    Note: 100,00,000 = 100 lakh = 10 million = 1 crore

     

    The company has reported activation revenue of Rs 86 crore in Q3-2016, more than fivefold YoY as compared to the Rs 15 crore in Q3-2015 and more the than three times the Rs 27 crore in the immediate trailing quarter. The company says that it has added 9 lakh digital subscribers in the current quarter, taking its digital subscriber base to 85 lakhs as compared to the 76 lakhs in the previous quarter. The company had reported a digital subscriber base of 68 lakh for the Q3-2015, hence the share of its digital subscriber base has gone up from 58 percent in Q3-2015 to 65 percent in the current quarter. The company says that its Cable DAS ARPU has increased 3.8 percent to Rs 80 in the current quarter as compared to Rs 77 in the immediate trailing quarter.

     

    The company reported EBIDTA of Rs 42.99 crore (12.2 per cent margin) in the current quarter as compared to an operating profit of Rs 0.28 crore (0.1 per cent margin) in Q3-2015 and an operating loss of Rs 11.27 crore in the immediate trailing quarter. The company’s pre-Activation Cable EBIDTA in the current quarter was Rs 6 crore as compared to the Rs 34 crore in Q3-2015 and a negative Cable EBIDTA of Rs 5 crore in Q2-2016.

     

    The company has also ramped up its broadband subscribers by 33.3 percent to 76,000 in the current quarter to 57,000 in the immediate trailing quarter. As had been reported earlier, the company’s broadband segment revenue increased by over five times YoY (5.5 times) at Rs 11.96 crore (3.4 per cent of TIO) as compared to Rs 2.17 crore (0.8 per cent of TIO) and increased 58 per cent QoQ as compared to Rs 8.23 crore (three per cent of TIO). The segment’s YoY operating loss increased to Rs 19.57 crore as compared to Rs 12.37 crore, but reduced QoQ as compared to Rs 23.07 crore. The company says that broadband ARPU has declined by Rs 10 in the current quarter to Rs 760 from Rs 770 in the previous quarter.

     

    Broadband Post Activation EBIDTA in Q3-2016 was negative Rs 16 crore as compared to the negative Rs 11 crore in Q3-2015 and negative Rs 20 crore in Q3-2016.

     

    The company says that its TV Shop has achieved a GMV of Rs20 crore per month with a reach of 5.2 crore homes and a conversion ratio of calls received of 38 percent and 30 percent repeat customers.

  • Q3-2016: Den activation revenue boost revenue 31 percent; adds 9 lakh digital subscribers in a quarter

    Q3-2016: Den activation revenue boost revenue 31 percent; adds 9 lakh digital subscribers in a quarter

    BENGALURU: As mentioned earlier, Den Networks Ltd had reported 31 per cent YoY growth in consolidated Total Income from operations (TIO) in the quarter ended 31 December, 2015 (Q3-2016, current quarter) at Rs 352.18 crore as compared to Rs 268.81 crore. TIO increased 29.8 per cent QoQ as compared to Rs 271.29 crore.

     

    Note: 100,00,000 = 100 lakh = 10 million = 1 crore

     

    The company has reported activation revenue of Rs 86 crore in Q3-2016, more than fivefold YoY as compared to the Rs 15 crore in Q3-2015 and more the than three times the Rs 27 crore in the immediate trailing quarter. The company says that it has added 9 lakh digital subscribers in the current quarter, taking its digital subscriber base to 85 lakhs as compared to the 76 lakhs in the previous quarter. The company had reported a digital subscriber base of 68 lakh for the Q3-2015, hence the share of its digital subscriber base has gone up from 58 percent in Q3-2015 to 65 percent in the current quarter. The company says that its Cable DAS ARPU has increased 3.8 percent to Rs 80 in the current quarter as compared to Rs 77 in the immediate trailing quarter.

     

    The company reported EBIDTA of Rs 42.99 crore (12.2 per cent margin) in the current quarter as compared to an operating profit of Rs 0.28 crore (0.1 per cent margin) in Q3-2015 and an operating loss of Rs 11.27 crore in the immediate trailing quarter. The company’s pre-Activation Cable EBIDTA in the current quarter was Rs 6 crore as compared to the Rs 34 crore in Q3-2015 and a negative Cable EBIDTA of Rs 5 crore in Q2-2016.

     

    The company has also ramped up its broadband subscribers by 33.3 percent to 76,000 in the current quarter to 57,000 in the immediate trailing quarter. As had been reported earlier, the company’s broadband segment revenue increased by over five times YoY (5.5 times) at Rs 11.96 crore (3.4 per cent of TIO) as compared to Rs 2.17 crore (0.8 per cent of TIO) and increased 58 per cent QoQ as compared to Rs 8.23 crore (three per cent of TIO). The segment’s YoY operating loss increased to Rs 19.57 crore as compared to Rs 12.37 crore, but reduced QoQ as compared to Rs 23.07 crore. The company says that broadband ARPU has declined by Rs 10 in the current quarter to Rs 760 from Rs 770 in the previous quarter.

     

    Broadband Post Activation EBIDTA in Q3-2016 was negative Rs 16 crore as compared to the negative Rs 11 crore in Q3-2015 and negative Rs 20 crore in Q3-2016.

     

    The company says that its TV Shop has achieved a GMV of Rs20 crore per month with a reach of 5.2 crore homes and a conversion ratio of calls received of 38 percent and 30 percent repeat customers.

  • MSO clearances spurt as DAS Phase III deadline looms; DEN Ambey gets permanent license

    MSO clearances spurt as DAS Phase III deadline looms; DEN Ambey gets permanent license

    NEW DELHI: The panic button appears to have been pressed. With the looming end of year deadline of completion of digital addressable system (DAS) Phase III, the number of multi system operators (MSOs) has jumped to 473 as of 4 November from 429 as on 21 October.

     

    Of these, 227 – one more in the past fortnight – have 10-year licences and a total of 246 (against 203 on 21 October) have obtained provisional licences.

     

    The only new entrant in the permanent licence list, cleared yesterday, is New Delhi’s DEN Ambey Cable Networks, which will provide DAS signals in Uttar Pradesh except Agra, Lucknow, Ghaziabad, Meerut and Varanasi.

     

    Information and Broadcasting (I&B) Ministry sources said it had still not received any formal communication of the Home Ministry’s decision to do away with security clearances for MSOs, while some had been given provisional licences pending certain formalities relating to shareholders and so on.

     

    According to the list put on the I&B Ministry’s website, Kal Cables of Chennai and Digi Cable Network of Mumbai remain on the cancellation list. On the other hand, Mumbai based Scod 18 Networking has also been refused security clearance while Bengaluru’s SR Cable TV has shut down its business.

     

    Twelve MSOs, which had earlier been granted permanent licences were permitted to change their areas of operation.

  • Hathway gets govt nod for increasing FDI; Den proposal deferred

    Hathway gets govt nod for increasing FDI; Den proposal deferred

    NEW DELHI: Hathway Cable and Datacom Limited has received approval from the Government for increasing foreign investment limit for FIIs, FPIs, etc.

     

    The Government has cleared seven foreign investment proposals, including that of Hathway, totalling over Rs 981 crore.

     

    The recommendation by the Foreign Investments Promotion Board (FIPB) under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent was approved by the Finance Ministry.

     

    However, the proposal by the other major multi system operator, Den Networks Limited has been deferred yet again. The proposal was for increase in foreign investment limit beyond 49 per cent and upto 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase.

     

    Proposals of Reliance Globalcom (Bemuda) and Sistema Shyam Teleservices were also deferred.

     

    According to the Ministry, the proposal, related to the telecom and broadcasting sector had investment worth Rs 963 crore.