ITV

Tag: NASDAQ

  • Dish TV terms Videocon d2h acquisition plans speculative

    Dish TV terms Videocon d2h acquisition plans speculative

    MUMBAI: Leading Indian DTH operator, DishTV, has rubbished news reports that it was acquiring or it is in talks to acquire India’s fastest growing DTH operator Videocon d2H. It has issued a press statement and a release to the Bombay stock exchange which says: “This is in reference to the news relating to the proposed acquisition of Videocon D2H by Dish TV appearing in certain sections of media. The news is speculative in nature and as a Policy, Dish TV does not comment on market speculations and rumours.”

    An article on moneycontrol.com, owned by the Network18 group, had stated that Dish TV India was in the running to take over Videocon d2H. According to moneycontrol, the latter had put up a bid price which valued itself at around $1 billion. Dish TV’s offer price was lower, and it was trying to bring d2H’s bid down. Said the report: “The two companies are negotiating on valuations close to $ 1 billion. This is because Videocon’s ask price is currently higher than what Dish TV has offered. Nasdaq-listed Videocon d2H has a market capitalisation of of USD 855 million and has a net debt of Rs 1600 crore. The losses that the company had last fiscal year stood at Rs 92.2 crore.”

    The article had further claimed that: “Even the lenders have suggested that sale of Videocon d2H to Dish TV is likely.”

    This had been supported by other news reports which had explained that lenders – banks and financial institutions – to the Vengopal Dhoot promoted Videocon group were allegedly forcing it to offload assets as it is too heavily leveraged. The reports had stated that the much diversified group which began in electronics but today was involved in oil and gas had taken on a debt pile that it was finding difficult to service. Hence, it was exploring several options to pare its loans by finding buyers for assets like its oil and gas operations or its direct to home television businesses, the reports had claimed.

    But with DishTV pooh-poohing that it was amongst the suitors for Videocon d2H, at least speculation about one of the alleged transactions has been put to rest.

  • WestBridge Crossover Fund picks up 5.2% stake in Videocon d2h for $36 million

    WestBridge Crossover Fund picks up 5.2% stake in Videocon d2h for $36 million

    MUMBAI: Private equity company WestBridge Crossover Fund has picked up a 5.2 per cent stake in Videocon d2h for $36.27 million.

    In a disclosure to the US Securities and Exchange Commission (SEC), the Mauritius basedWestBridge said that it owned 5,445,311 ADS (American Depositary Shares) of the company’s stock. 

    The WestBridge Crossover Fund was launched four years back by WestBridge Capital co-founder and CEO Sumir Chadha and KP Balaraj, along with Sandeep Singhal and SK Jain. Between 2014 and 2015, WestBridge Capital raised a total sum of $900 million in two tranches ($575 million and $325 million) with an aim to back Indian companies and this investment in Videocon d2h is a step towards that.

    Some of the companies that the PE firm has invested in are SKS Microfinance, Dr Lal Pathlabs and Just Dial.

    Videocon d2h, which operates in India and is listed on the NASDAQ, recently reported a 21.6 per cent increase in YoY revenue to Rs 731.49 crore in Q3-2016. Additionally, the company also added 6.7 lakh gross subscribers and 4.3 lakh net subscribers during the quarter.

  • WestBridge Crossover Fund picks up 5.2% stake in Videocon d2h for $36 million

    WestBridge Crossover Fund picks up 5.2% stake in Videocon d2h for $36 million

    MUMBAI: Private equity company WestBridge Crossover Fund has picked up a 5.2 per cent stake in Videocon d2h for $36.27 million.

    In a disclosure to the US Securities and Exchange Commission (SEC), the Mauritius basedWestBridge said that it owned 5,445,311 ADS (American Depositary Shares) of the company’s stock. 

    The WestBridge Crossover Fund was launched four years back by WestBridge Capital co-founder and CEO Sumir Chadha and KP Balaraj, along with Sandeep Singhal and SK Jain. Between 2014 and 2015, WestBridge Capital raised a total sum of $900 million in two tranches ($575 million and $325 million) with an aim to back Indian companies and this investment in Videocon d2h is a step towards that.

    Some of the companies that the PE firm has invested in are SKS Microfinance, Dr Lal Pathlabs and Just Dial.

    Videocon d2h, which operates in India and is listed on the NASDAQ, recently reported a 21.6 per cent increase in YoY revenue to Rs 731.49 crore in Q3-2016. Additionally, the company also added 6.7 lakh gross subscribers and 4.3 lakh net subscribers during the quarter.

  • Videocon d2h reports higher EBITDA, revenues, adds 0.2 mn net subs in Q2 FY 2016

    Videocon d2h reports higher EBITDA, revenues, adds 0.2 mn net subs in Q2 FY 2016

    MUMBAI: Indian pay TV platform and DTH operator Videocon d2h is slowly but surely getting its act together. At least if one goes by the financials for the quarter ended 30 September 2015 it has filed with Securities Exchange Commission in the US. The company is listed on the US Nasdaq.

     

    It has announced lower net losses, higher subscription and activation revenues, higher  EBITDA,  and an increase in both gross and net subscribers in the latest quarter as compared to the previous fiscal quarter and Q1 FY 2016.

     

    Net loss for the second quarter of the 2016 fiscal year at Rs 24.6 crore is a 59.9 per cent improvement over the net loss in the second quarter of the 2015 fiscal year which stood at Rs 61.4 core. It is, however,  marginally higher than the Rs 24.6 crore loss it suffered in Q1 FY 2016.

     

     It has reported a sales growth in both subscription and activation revenue and revenue from operations to Rs 629 crore (Rs 505 crore previous fiscal quarter – a growth of 24.6 per cent) and Rs 690 crore (Rs 507.30 crore  in Q2 FY 2016 – a growth of 20.3 per cent growth) respectively.  The comparitive Q1 FY 2016 figures for subscription and activation revenue  and overall revenues for Q1 FY 2016 were Rs 599.61 crore and 662.83 crore.

     

    The company notched up higher net subscribers (10.84 million in Q2 FY 2016 vs 9.46 million in Q2 FY 2015).  Average revenue per user (ARPU) growth  was higher at Rs 205 in Q2 2016 vs Rs 190 in Q2 FY 2015 but stagnated when compared to Rs 205.30 in Q1 FY 2016.

     

    It added 0.20 million net subscribers in this quarter, while adding 0.57 million gross subscribers to end Q2 FY 2016 with 14.27 million gross subscribers.

     

    As a comparitive, the  DTH service provider addded 0.61 million gross subscribers and 0.46 lakh net subscribers in Q1-FY 2016.

     

    Churn was higher in Q2 FY 2016 at 1.19 per cent as against 0.85 per cent in the previous corresponding fiscal quarter. 

     

    The company’s adjusted EBITDA has also improved 32.3 per cent to Rs 191 crore in the quarter ended 30 September 2015 as against Rs 145 crore for Q2 30 September 2014. This is a 2.50 per cent rise in adjusted EBITDA margin to 27.7 per cent in the latest quarter, despite significant increases in content costs as a percentage of revenue. Videocon d2h has clarified that the adjusted EBITDA is calculated after accounting for impact of its ESOP Plan 2014 which amounted to Rs 2.94 crore. The company’s EBIDTA in Q1-2016 was  Rs 187.43 crore (28.3 per cent margin).

     

    Videocon d2h says it began operating under new long term content agreements in the second half of the 2015 fiscal year. Content costs as a percentage of revenue in Q2 FY 2016 stood at 38.1 per as against 34.8 per cent in Q2 FY 2015.  Comparitively, content cost as a percentage of revenue in Q1 FY 2016 was  37 per cent. 

     

    Subscriber acquisition costs in the form of hardware subsidies were Rs 1,775 per subscriber during the second quarter of the 2016 fiscal year as against Rs 1,793 in Q1 FY 2016.

     

    Commenting on the results, Videocon d2h executive chairman Saurabh Dhoot said,  “I am happy to share that we have achieved EBITDA growth of 30.3 per cent in the first half of the current fiscal as against our guidance of 25-30 per cent growth. We are on track to deliver even stronger growth in the second half of this year, in line with the guidance shared earlier. During the quarter, we focused on enhancing our channel offering and added 14 Standard Definition and 4 High Definition channels. We have recently launched two proprietary services, namely d2h Hollywood HD and Darshan. With more than 50 million eye balls we also continue to gain traction on advertising revenue with marque advertisers coming on our platform.”

     

    Speaking on the near term subscriber growth outlook Videocon d2h CEO Anil Khera said,  “We estimate around 50 million television homes come under Phase III digitization, of which 24-25 million television homes are already on the digital platform. Thus, the target market under Phase III digitization is the remaining 25-26 million television homes that are currently on analog cable.”

     

    The company has also stated that its estimated market share stands at 21 per cent and it is among India’s fastest growing pay TV platforms.

     

    The Videocon d2h stock was trading at around $9.49  on Nasdaq at the time of writing as against $12.05 at the beginning of 2015.

     

  • Videocon d2h rings opening bell at Nasdaq

    Videocon d2h rings opening bell at Nasdaq

    MUMBAI: Direct to home (DTH) operator Videocon d2h has become the first Indian media company to ring the opening bell at Nasdaq stock market in New York on 7 April.

     

    The DTH operator has with this become the first Indian private company since 2000 to list overseas, issuing ADR worth $325 million to the public.

     

    To mark the celebrations, member of parliament, India Rajkumar Dhoot and Videocon d2h managing director Saurabh Dhoot visited the Nasdaq market site at Times Square and rang the symbolic opening bell.

     

    At an approx market cap of $1.15 billion, Videocon d2h has become the most valued Indian company at Nasdaq.

     

    Saurabh Dhoot said, “Our listing on the Nasdaq Stock Exchange is a major corporate milestone for the entire Indian media industry not just Videocon d2h and a testament to the tremendous progress we have made under the Digital India vision of our Prime Minister. This is the success of thousands of Videocon d2h employees working tirelessly and our customers who believed in our brand, product and services. We have just begun…”

     

    As reported earlier by indiantelevision.com, the DTH operator had decided to withdraw its Rs 700 crore Initial Public Offer (IPO) proposal since the company is looking to start the process afresh.

  • Videocon d2h withdraws IPO application; Dhoot to visit Nasdaq

    Videocon d2h withdraws IPO application; Dhoot to visit Nasdaq

    MUMBAI: The direct to home (DTH) arm of Videocon group, Videocon d2h has decided to withdraw its Rs 700 crore Initial Public Offer (IPO) proposal since the company is looking to start the process afresh.

     

    In September 2014, the company had decided to file draft offer documents with the Securities and Exchange Board of India (SEBI). However, Videocon d2h, through its lead banker Axis Capital, withdrew the documents on 27 March.

     

    Meanwhile, Videocon d2h executive director Saurabh Dhoot along with Silver Eagle chairman and CEO Harry Sloan will visit the Nasdaq Market Site in Times Square and will ring the Opening Bell 7 April at 9:15 am to 9:30 am ET (6:45 pm IST).

     

    The operator had completed its initial listing on the Nasdaq Global Select Market through a business combination transaction with Silver Eagle Acquisition Corp, which is founded by Harry Sloan and Jeff Sagansky, pursuant to which Silver Eagle contributed approximately $273.3 million to Videocon d2h in exchange for equity shares of the operator which was represented by American Depositary Shares (ADSs), which were distributed to Silver Eagle’s stockholders. Public trading of the Videocon d2h ADSs on Nasdaq under the ticker ‘VDTH’ commenced at the opening of trading on 1 April this year.

     

    On the day of the opening, the approximately $37.75 million Videocon d2h ADSs issued to Silver Eagle stockholders were valued at approximately $453 million based on the opening price of $12 per ADS on Nasdaq. Silver Eagle’s capital infusion in the operator represents one of the largest platform investment deals in Indian media by US investors.

     

    Sloan based on reports had stated that US investor interest in the transaction has been strong as it affords US investors the opportunity to participate early in the US listing of Videocon d2h. “It is the fastest growing DTH Pay-TV operator in India and the fastest growing pay TV market in the world. Beyond this very significant organic growth, we will be exploring numerous possibilities for the company to expand as a force in India’s developing media business,” Sloan had remarked.

     

    The regulator SEBI in February, had decided to keep the processing of the company’s offer document in “abeyance” following a request made by Videocon d2h in this regard. The company was looking at garnering Rs 50 crore through a pre-IPO placement of its shares to institutional investors, according to media reports. The funds were to be used for acquiring set-top boxes (STBs), outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes. In December 2012 too it had filed draft documents under the name ‘Bharat Business Channel’ with Sebi to raise Rs 700 crore through an IPO. But the company did not launch the same due to bad market conditions.

     

  • Videocon d2h with $1.15 bn market cap set to become most valued Indian co. on NASDAQ

    Videocon d2h with $1.15 bn market cap set to become most valued Indian co. on NASDAQ

    MUMBAI: Videocon d2h has closed the IPO process and is getting listed on NASDAQ, issuing American Depositary Receipt (ADR) worth $325 million to the public with current market cap of $1.15 billion.

     

    Videocon d2h IPO has created several milestones by becoming the first Indian private company since the year 2000 to list overseas, largest Indian IPO in US since 2007 and first sizeable Indian listing on US exchanges since 2010, clearly indicating the renewed global focus on India. The IPO has caught the attention of Top US funds with several multi billion dollar funds investing into the IPO.

     

    At expected market cap of $1.15 billion, Videocon d2h will become the most valued Indian company on Nasdaq.

     

    Videocon d2h managing director Saurabh Dhoot said, “Our listing on the NASDAQ Stock Exchange is a major corporate milestone for the entire Indian media industry not just Videocon d2h and a testament to the tremendous progress we have made under the Digital India vision of our Hon’ble Prime Minister. This is the success of thousands of Videocon d2h employees working tirelessly and our customers who believed in our brand, product and services. We have just begun.”

     

    Videocon d2h has launched many firsts in the Indian DTH industry like the first to launch the 4K Ultra HD Channel, 1000 GB High Definition Digital Video Recorder, Radio Frequency Remote for DTH, Wireless DTH Headphones, 500 channels and services.

  • DISCOVERY communications reports third quarter 2013 results

    DISCOVERY communications reports third quarter 2013 results

    MUMBAI: Discovery Communications, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the third quarter ended September 30, 2013.
    David Zaslav, Discovery’s President and Chief Executive Officer, said, “Discovery’s strong third quarter results once again demonstrate the breadth and depth of our brands and the myriad of opportunities across our global distribution platform. We are translating the consistent viewership gains we are delivering globally into strong advertising growth both domestically and internationally, while at the same time further leveraging our unique distribution footprint by capitalizing on the pay television evolution in many of our markets worldwide. As we invest in the organic growth opportunities across our diverse portfolio, we are also focused on the integration of our recent acquisitions. Building additional long-term growth prospects remains a priority as we deliver sustained financial results and return additional capital to shareholders to further build shareholder value.”

    Third Quarter Results

    Third quarter revenues of $1,375 million were up $299 million, or 28%, compared to the third quarter a year ago, led by 59% growth at International Networks and 10% growth at U.S. Networks. Adjusted Operating Income Before Depreciation and Amortization(1) (“OIBDA”) increased 20% to $597 million, as International Networks were up 34% and U.S. Networks were up 10%. Excluding the impact of licensing agreements, newly acquired businesses(2) and foreign currency fluctuations, total company revenues increased 12% and Adjusted OIBDA
    increased 11%.

    Third quarter net income available to Discovery Communications, Inc. stockholders of $255 million ($0.71 per diluted share) increased $50 million compared to $205 million ($0.55 per diluted share) for the third quarter a year ago, primarily due to the strong operating performance in the current year and improved earnings from equity investments partially offset by increased amortization associated with purchase price allocation for the SBS transaction. Adjusted Earnings Per Diluted Share(3), which excludes the impact of the amortization of acquisition related intangible assets, was $0.80 per diluted share during the third quarter compared with $0.55 per diluted share in the same period a year ago.

    (1) See the full definition of Adjusted Operating Income Before Depreciation and Amortization on page 4.

    (2) Newly acquired businesses include SBS Nordic acquired in April 2013, Switchover Media acquired in December 2012 and a TV station in Dubai
    acquired in December 2012. See page 11 for reconciliation to results excluding newly acquired businesses.

    (3) See the full definition of Adjusted Earnings Per Diluted Share on page 4.
    Free cash flow was $438 million for the third quarter, an increase of $85 million or 24% from the third quarter of 2012, primarily due to increased operating performance and lower tax payments. Free cash flow is defined as cash provided by operating activities less purchases of property and equipment.

  • 21st Century Fox demerges, stocks on a high

    21st Century Fox demerges, stocks on a high

     MUMBAI: Last December, the 21st Century Fox had announced the separation of its business into two independent publicly-traded companies. And starting 1 July, the Rupert Murdoch owned News Corporation completed its separation process.

     

    The news of the split affected the trading as the News Corp shares saw a downward slide while the stocks of 21st Century Fox closed with a little high on NASDAQ. The first day saw a two per cent increase in the 21st Century Fox shares. On the other day News Corp plunged five per cent.

     

    The publishing firms like The Wall Street Journal and Harper Collins as well as the other news and information services will be under News Corp’s banner, while 21st Century Fox will have Star, Twentieth Century Fox, Fox, Sky, National Geographic, Fox News, Fox Sports and FX.

     

    The Company’s assets will also include pay-tv businesses Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky.

     

    “21st Century Fox launches as a unique force bringing news and entertainment to more than a billion customers every day in over 100 languages,” said 21st Century Fox chairman and CEO Rupert Murdoch. “Our success will continue to be rooted in a deep belief in originality and a commitment to empowering creative minds and entrepreneurs around the world. Our management teams are the best in the business and we will drive growth and shareholder value by expanding our existing assets and brands, while embracing new opportunities and technology.”

     

    As previously announced, Rupert Murdoch will serve as chairman of the new News Corporation and chairman and CEO of Fox Group. Chase Carey will serve as president and COO of Fox Group, with James Murdoch continuing in his capacity as Deputy Chief Operating Officer.

  • Netflix to join Nasdaq 100

    Netflix to join Nasdaq 100

    MUMBAI: OTT subscription service Netflix will become a component of the Nasdaq-100 Index, the Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Ex-Technology Sector Index prior to market open on 6 June 2013.

    Netflix will replace Perrigo Company.

    The California headquartered Netflix has a market capitalisation of approximately $12.1 billion. The move comes at a time when its stock price has more than doubled since the start of the year. The company is looking at creating more original content.