Tag: NDTV

  • Rough Q2 for TV news firms

    Rough Q2 for TV news firms

    MUMBAI: News channels are badly bruised by an ad slump in the second quarter as monies have shifted to Hindi general entertainment and sports channels.

    The turnover of most of the listed news companies has eroded in a quarter when other genres of broadcasting have gained in an improved advertising economy.

    TV Today, which runs India’s most popular Hindi news channel Aaj Tak, has seen a 6.6 per cent revenue fall over the year-ago period due to lower inventory utilisation. NDTV’s second-quarter revenue from the news business also slipped 6.1 per cent.

    “There is a growing concern that TV news business in India is going through a rough patch. The third quarter will see a significant recovery due to the festive season but we could be headed for a slow revenue growth for the sector in the backdrop of increasing commoditisation,” said a media analyst who has been tracking the sector.

    TV Today’s consolidated Ebitda, in fact, turned negative for the first time in 24 quarters. Net loss stood at Rs 76 million.

    “While revenue fell, staff and distribution expenses grew. Investments also went into Headlines Today and Tez for their revival. The third quarter will see a drastic improvement and TV Today will turn profitable again,” an analyst said.
      
         
      For the TV broadcasting segment, TV Today posted a revenue of Rs 596.22 million and an operating loss of Rs 40.57 million. In the trailing quarter, the company had posted a revenue of Rs 641.39 million and an operating profit of Rs 49.05 million.

    NDTV suffered from weak sales and posted a standalone Ebitda loss of Rs 233 million and net loss of Rs 343 million.

    “It has been a bad quarter generally for everybody in the news business from a revenue perspective. There has been a shift in advertising from news to GECs and sports channels. In the earlier year, some stability had come into the market in the second quarter. But the good news is that there seems to be a strong recovery in the third quarter coinciding with the festive season,” said NDTV Group CEO KVL Narayan Rao.

    TV18 improved its performance in the fiscal second-quarter but IBN18 Broadcast continues to post losses.

    Zee News Ltd chief executive officer Barun Das feels the decision to stick to hard news has worked for the company. “It has not been one of the best quarters for TV news. But we have seen revenue growth. We have the advantage of having regional news channels in our network. Sticking to hard news has worked for us. On the Ebitda level, we have performed beyond our expectations in the first two quarters. We were expecting to be Ebitda negative but have turned positive,” he said.

  • NDTV Q2 net loss widens as revenue slips

    NDTV Q2 net loss widens as revenue slips

    MUMBAI: NDTV has widened its second-quarter net loss from the news business as revenue has slipped, but forecasts a strong recovery in the three-month period running to December as advertising spends rise on account of a prosperous festive season.

    The company, which runs English and Hindi news channels NDTV 24X7 and NDTV India, has posted a net loss of Rs 342.7 million compared to a loss of Rs 118.5 million in the earlier year.

    Income from operations for the quarter under review slid to Rs 656.5 million, down 8.39 per cent as compared to the year-ago revenue of Rs 716.6 million.

    Operating loss (from operations before other income, interest and exceptional items) stood at Rs 298.3 million, as against Rs 75.8 million in the previous year.

    “It has been a bad quarter generally for everybody in the news business from a revenue perspective. In the earlier year, some stability had come into the market in the second quarter. But the good news is that there seems to be a strong recovery in the third quarter coinciding with the festive season,” says NDTV Group CEO KVL Narayan Rao.

    NDTV‘s standalone expenses rose 22.05 per cent to Rs 982 million, mainly due to distribution expense. “Overall, costs are under control. The quarter saw a rise mainly on account of distribution expense,” explains Rao.  
         
      Meanwhile on a consolidated basis, NDTV’s net loss narrowed to Rs 676.3 million, from Rs 855.9 million in the year-ago period. However, the consolidated results for the year-ago period include the results of operations of Turner General Entertainment Networks (formerly NDTV Imagine) and its subsidiaries in which NDTV Group had diluted its holding to a minority stake on 23 February 2010. Thus, the company clarified that consolidated results for the quarter ended 30 September 2010 are not comparable with the corresponding previous period.

    Income from operations was at Rs 784.8 million, down from Rs 1.43 billion, while total expenses reduced from Rs 2.12 billion to Rs 1.44 billion.
     

  • NDTV forecasts faster growth from Q3

    NDTV forecasts faster growth from Q3

    MUMBAI: NDTV’s first-quarter net loss from news business has widened over the year-ago period as it increased its employee expenses while revenue dipped on absence of political advertising.

    The company, which operates English news channel NDTV 24X7, Hindi news channel NDTV India and business news channel NDTV Profit, suffered a net loss of Rs 241.2 million for the three-month period ended June compared to a loss of Rs 23.9 million a year ago.

    Income from operations at Rs 670.8 million fell 12.11 per cent, as against Rs 763.2 million in the year-ago period. In the previous fiscal, revenue had jumped on the back of political advertising due to general elections.

    “The first quarter has generally not been good for anybody so far as ad revenue goes. Companies are just walking out of recession and there is an air of caution. We expect a slight improvement in the second quarter and better growth over the subsequent quarters. Our subscription revenue for the first quarter has seen good growth,” says NDTV Group CEO Narayan Rao.

    On consolidated basis, the subscription income has gone up 22 per cent to Rs 116 million, as against Rs 95 million in Q1 FY 10 on the back of increased DTH penetration.

    NDTV’s expenses jumped 20 per cent to Rs 889.1 million, from Rs 741 million a year ago. This was mainly because of personnel cost, increase in marketing expenses and special bonuses the company awarded to its employees.

    The rise in personnel cost even without the one-time expense of bonus and gratuity has been sharp over the trailing quarter.

    Explains Rao, “We have got to a headcount that is similar to 2007 – prior to our expansion. That is a good development. Besides, salaries had to be corrected after the recession.”

    On a consolidated basis, NDTV has narrowed its net loss to Rs 311.1 million, as against Rs 834.1 million a year earlier. However, the previous fiscal included NDTV Imagine financials, which NDTV sold to Turner International, and is thus not strictly comparable.

    Income from operations stood at Rs 835.6 million compared to Rs 1.31 billion a year ago, while expenses were at Rs 269.7 million (from Rs 667.7 million).

    The company’s lifestyle channel, Good Times, is performing well. “Good Times should be able to do a revenue of over Rs 650 million this fiscal and is profitably poised. The core news business could remain under a bit of a strain unless ratings improve,” says a media analyst who tracks the company.

  • Dibang joins Star News

    Dibang joins Star News

    MUMBAI: Former NDTV India managing editor Dibang, best known for his talk show Muqabala on NDTV, has joined Star News.

    “I joined Star News last week and will be doing some shows for the Hindi news channel,” Dibang told Indiantelevision.com.

    Dibang also added that he is in talks with the channel on the formats of the shows.

    Dibang had left Aaj Tak to join Dr Prannoy Roy-promoted NDTV way back in 2003 as executive editor. Later, in 2005 he was promoted as managing editor of the Hindi news channel.

    However, in a sudden and shocking development, he stepped down as NDTV managing editor in August 2004.

    Prior to TV news, Dibang was associated with The Sunday Times of India. He started his career in journalism with The Illustrated Weekly of India.

  • Journalists can be prosecuted for sting operations: CBI

    Journalists can be prosecuted for sting operations: CBI

    NEW DELHI : Journalists can be prosecuted on corruption charges for conducting sting operations to expose corruption in public life, according to the Central Bureau of Investigation.

    The CBI told the Supreme Court that a party to a sting operation, allegedly undertaken to expose corruption by public servants, can be liable for prosecution under the Prevention of Corruption Act, if he/she does not inform the law enforcing agency before or immediately after the sting.

    A bench headed by Justice Altmas Kabir admitted petitions filed by journalist Arvind Vijaymohan and businessman Rajat Prasad who are facing prosecution for their role in a sting operation. The petitions challenge the 30 May 2008 order of the Delhi High Court dismissing their plea against framing of charges by a special CBI court in Delhi.

    The video showed then Environment Minister Dilip Singh Judeo allegedly receiving Rs 900,000 bribe from an Australian firm in exchange for mining rights in Chhattisgarh on 5 November 2003.

    Senior counsel Harish Salve who appeared for the petitioners said journalists exposing corruption in public life could not be prosecuted as they acted like ‘whistleblowers’.

    He drew the court’s attention to the NDTV sting operation case in which the court praised the channel for exposing the nexus between the accused and the prosecution and no action was taken against the journalists.

    The CBI, however, has said a party to a sting operation can also be prosecuted when there is active inducement by the sting party or when there are other vested interests other than the public interest.

    The probe agency asserted: “Law enforcement is exclusively a function of government machinery. Others can only help the competent/intended government institution in enforcing the law of the land but can never do the job independently taking law into their hands keeping the intended government machinery at bay.”

  • ‘To not take a position is not a virtue’ : Times Now Editor-in-Chief Arnab Goswami

    ‘To not take a position is not a virtue’ : Times Now Editor-in-Chief Arnab Goswami

    A late player in the news game, Times Now sits at the top with its hard news stance and round-the-clock news focus.

     

    The Mumbai terror attack coverage is where the tide turned in Times Now‘s favour as the older players ceded ground. Though it is still a close chase in the ratings race, the channel has stayed ahead at a time when the news genre is finding it difficult to expand.

     

    Some critics have attributed the channel‘s success to its sensational treatment of hard news. Times Now Editor-in-Chief Arnab Goswami, the architect behind the channel‘s uprise, however, believes that the channel has stayed away from it and also kept a distance from the mixing of news and gossip.

     

    For a channel that just completed four years, the bespectacled Goswami does not hesitate to take a point of view in an obvious case of right and wrong. “In the Ruchika case, we called Rathore a molestor DGP,” he argues. As he says, “to be unsure of news is not a virtue.”

     

    In a candid interaction with Indiantelevision.com‘s Gaurav Laghate, Goswami shares his views on the definition of news, the relevance and importance of hard news vs sensationalism and the leadership of the channel he manages.

     

    Excerpts:
     
     
    Did the coverage of 2611 Mumbai terror attack help Times Now increase its viewership share?

    Yes, 26/11 increased our viewership share. We were No 1 even before that but the channel‘s consistent leadership gap grew from then on.

     

    Many people believe that it‘s because of something different that we did during the terror attacks. I can‘t pinpoint at what we did differently because I was live all the time. So I can‘t give a comparative view. But yes, after that there has been an upsurge in our viewership.

     

    If you look at all weeks after 2611, there would be about 60 weeks or so that have passed. And we have been number one in 99 per cent of the weeks since 26/11.
     
     

    What data are you quoting? Tam says in 25+ All India market, the competition is neck-to-neck…

    We take 25+ AB, 1 million-plus towns. This is the market that everyone considers when it comes to English news channels.

     

    We are 13-14 per cent ahead of our closest competitor NDTV in this market, and we are very happy with this viewership figure. There is no competition in that sense.
     

     
    But from the content point of view, have you incorporated any changes in news gathering after the attacks?

    We don‘t have to do it. Those who may have made mistakes would have to do it. We did not make any mistakes, so there is no question of making any change or taking any corrective step.
     
     

    But isn‘t the overall quality of news journalism declining?

    Quality keeps increasing. There is more news content today than there was 2-3 years back. The focus on hard news is coming back. Yes, there are lots of channels which show programmes not centred on hard news, but the excesses are fewer.

     

    There is a strong code of conduct which seems to be working. So, all in all, I think the last 2-3 years have been good for the news channel industry.
     
     

    So you think NBA is the right body to tackle the issues of content regulation? Or is there a need for an independent body?

    I strongly believe that self-regulation is the only way out. Both the NBA (News Broadcasting Association) and the BEA (Broadcast Editor‘s Association), of which I am an active member, are the best forums to carry out that self regulation. There is no scope for slightest government interference in regulatory processes. And I think there is total unanimity amongst them.
     
     

    ‘Yes! I had a point of view in the Ruchika case. We called Rathore a molester DGP. Is that wrong? We called the killer of Francis Induwar a Maoist terrorist‘
     
     

    Not government interference, but a body like OfCom (UK) may be?

    No. I think the way people are regulating right now is good enough. You don‘t need a new regulatory system. You don‘t have to reinvent the wheel. Self regulation is working, it should be encouraged and that‘s that.
     

     
    Are news channels running the risk of dipping into sensationalism to shed the image of bland coverage?

    I don‘t do sensationalism. I don‘t believe in sensationalism, so I don‘t want to discuss sensationalism as it has nothing to do with me.

     

    But what is sensational and what is not is sometimes a matter of perception. For some people even covering the IPL may be sensationalism. These are subjective matters and I don‘t want to pass a sweeping judgment on it.
     

     
    Times Now has completed four years on 1 February. Where do you find yourself today?

    It is quite apparent to us in the Times Now newsroom that almost every other English news channel and several Hindi news channels follow us. I find it flattering.

     

    What has changed is that with the leadership of Times Now, people in this country are given the news clearer, faster and more directly than any channel or group in the past has given them. People love that. Whether or not it will work for other channels to copy us, I don‘t know. But so far, it doesn‘t seem to be working.

     

    I will say that Times Now has set totally new standards in news reporting, which some seem to be taking a cue from. And I am happy about that. Besides that news is news, definition of news does not change anywhere.
     

     
    And what is the USP of Times Now?

    The USP of a news channel has to be news. I don‘t believe that getting 100 people to sit together and talk for 100 minutes is the job of a news channel. Some channels still do it.

     

    In my view that is an antiquated approach. Some people believe that the town hall approach, where you get 100 people to sit and talk, is what a news channel should be doing. I don‘t think so.

     

    So you come to Times Now; it‘s the only place among the news television channels in India today which has news every second, every minute. It works for us.
     

     
    So what were the high points in these four years?

    In 2007, when we hit the No. 1 spot for the first time, and within 15 months after entering the market, it was a major high point for me and my team.

     

    The opportunity to make a real change in our society, and be part of a campaign that reopened the Ruchika case recently, personally was a very big high point.

     

    I will not call 26/11 a high point, because it was not. It was a painful experience for all of us. But in terms of objectivity of our reporting, it was a high point. My reporters did not hype, did not over dramatize; they were straight forward, to the point and honest. And I think the difference showed. Professionally it was a high point, though personally it was a sad event for all of us.

     

    And when we completed 2009, we won 50 weeks out of 52, it was a high point. You see, to win is good but to win decisively, like we did in 2009, and that too without any major news event besides the elections is a high point for us.

    For me, staying there is more important than getting there. It means a lot to me and my team. Biggest high point was that my core editorial team has supported me and stayed with me in every step since launch. Many of them are behind the camera, but they run the systems in the channel and help us stay No 1.

     
     
    So what all has changed during these four years?

    Oh! Dramatic changes… Times Now today and Times Now when it launched… In fact, there is a new thing happening daily on the channel. On an average, we have introduced over 200 changes, which may be in production style, graphics, shows, nature of reportage… it may vary. I am a great believer of innovation and I think one of the reasons we have won is because we have a very innovative team. But that‘s the beauty of our business which constantly enables us to change according to what‘s happening around us.

     

    That‘s where we stand out from competition. They do the same and they look the same. But may be it‘s got to do with the youth and energy of Times Now and the average age of our team compared to competition. We have got far more energy and passion as compared to any of our competitors.

     
     
    ‘Some people believe that the town hall approach, where you get 100 people to sit and talk, is what a news channel should be doing. I don’t think so‘
     

    Aren‘t you disturbed that the news genre has shrunk as per Tam data?

    I am not concerned about the news genre. I am concerned about my share in the news genre. But what it means is that despite Times Now gaining share, the others collectively are losing. So the others should be worrying.

     

    I am very pleased with our viewership trend, because it is just growing. If I go by latest Tam figures for the C&S 25+ AB market, we are averaging about 36-37 per cent channel share.
     
     

    But why is the news genre shrinking?

    I do not think news genre is shrinking. Everything is relative. The viewership of news channels is greatly dependent on news events. So when there is a major event, you may find a 25 per cent jump and it may not grow further till the next event. But it will not fall majorly. So it means that people who came to you largely stayed with you.

     

    Now within this share, why Times Now is growing and why NDTV or CNN IBN and other channels are shrinking is something they should be worried about. My relative share is increasing week on week. My polynomial is showing an upward curve. 

     
    Today there is a lot of gossip shown on news channels. So is hard news dying?

    I don‘t think that people will accept gossip after some time. You cannot mix up news and gossip. And so it‘s best if we don‘t cross that line. A lot of gossip passes as news on many channels, but not on Times Now.

     

    Hard news is what I believe in; it is the only thing that we do, and the only reason why Times Now is No. 1.

     
    You said your focus is on news only. You don‘t see the need for specific features and shows?

    We do specific shows – The Newshour at the very critical 9 pm slot holds almost 60 per cent share. None of the other English news channels come close. Weekend shows like Total Recall is hugely successful. We have feature programming, but yes, I do not believe in diluting news with features. 

     
    Do you consciously take an aggressive stance on television?

    To not take a position is not a virtue, to prevaricate is not a virtue, and to be unsure of news is not a virtue. You look at all the stories recently, and you ask yourself which channel do I remember? Answer is Times Now.

     

    Take the Australian racial attacks, for instance. Nowhere my reporting was stilted or prejudiced. Similarly, the BT Brinjal case. To not talk about the health issues with BT Brinjal is not appropriate. Similarly, questions raised on RK Pachauri. To report the questions is not taking a position. So the reporting we do is transparent and honest. People see it and accept it. Let viewers decide.

     
    But you have very strong opinions which are visible on the screen.

    If there is an obvious case of right or wrong, I can‘t pretend not to know what is right and what is not. And if in that situation, I prevaricate or chose to be silent, then that is wrong.

     

    Yes! I had a point of view in the Ruchika case. We called Rathore a molester DGP. Is that wrong? We called the killer of Francis Induwar a Maoist terrorist. On the contrary, you should ask people, who do not call them Maoist terrorists, why they are not calling them that. I am stating the fact.

     

    I am sure in what we do and my viewers are sure that Times Now will not deliberately keep the truth away from them.

     
    You say news should be popular and not populist. But isn‘t this a very thin dividing line?

    It is a thin line but the challenge of our job is to be sure on which side of the line you are in. There is not a single story where people can say we did anything populist on Times Now.

     

    My concern is not with my competitors but with my viewers. We have never done anything which is factually incorrect, ethically wrong, or journalistically compromised. And as long as we don‘t do any of these three, we don‘t need to explain where we stand.

     
    What do you think about investigative journalism?

    Ours is not an investigative channel, it is a news channel. There is nothing called 100 per cent investigative channel, neither is Times Now, nor is any other channel. I am no expert in investigative journalism. 

     
    But some channels have investigation teams…
    I don‘t have. You should ask the channels which have had or have special investigation teams. What I can certainly tell you is that I don‘t take or do sting operations from anybody or for anybody.
     

    How much focus is on the website, timesnow.tv?

    We have a very successful website. And we are continuing to innovate on it. There is a lot of synergy between Timesnow.tv, Indiatimes and TimesofIndia.com.

     

    We have large viewership through these synergies, which we continue to build and expand. And in the future, this is going to be a major thrust area for us. We are planning to increase and revamp our online content, reach and connectivity. This is the area we will be working a lot on in 2010. 

     
    Times Now had taken a very strong stance against Pakistan. But after Times Group‘s “Aman Ki Asha” campaign, it has mellowed down?

    It is not true. What we do on the news and what we do on the campaign Aman Ki Asha are not mutually contradictory. And we have done several shows on Aman Ki Asha, of which some have been the highest rated shows.

     

    But it doesn‘t mean that we do not report on what Qureshi or Gilani say. Whether the peace process will really move forward or it is just symbolic – we do both. There is no contradiction in this. 
     

    Does the network strength help?

    With campaigns like Aman Ki Asha, it does. It also gives us access to lots of quality content. And our news stories sometimes find space in Times of India, purely on merit of course. So there is a natural synergy.

  • NDTV to provide consultancy services to Malaysia’s Astro Awani

    NDTV to provide consultancy services to Malaysia’s Astro Awani

    MUMBAI: NDTV Worldwide has expanded its relationship with Malaysia-based Astro, signing a fresh consultancy agreement to offer operations and strategic management support to its channel, Astro Awani, for a period of two years.

    As part of the deal with ,Astro Awani Networks, NDTV Worldwide will assist in creating channel strategy, provide a relevant content plan, and also offer broadcast training and technology planning for the channel.

    NDTV will use its broadcast experience to provide the channel efficient workflows and revenue enhancement strategies for coming years.

    Additionally, NDTV will also deploy its staff on a continued basis to Astro Awani for planning and assisting the channel management in executing its content and channel strategies.

    Says NDTV Worldwide chief executive officer Shyatto Raha, “NDTV will assist the channel operations by introducing the best practices and efficient workflows, localised content strategies built by our experienced programming team. We will work closely with the Astro Awani team to ensure the channel to retain its leadership position through superior content and production values.”

    Adds Astro Entertainment Sdn Bhd executive director Zainir Aminullah, “We remain focused on our vision of becoming the undisputed leader in the Malaysian TV market while emphasizing on profitability, as with every venture of the Astro Group.”

  • NDTV partners Dharma Productions, plans specials on ‘My Name Is Khan’

    NDTV partners Dharma Productions, plans specials on ‘My Name Is Khan’

    MUMBAI: NDTV 24X7 has partnered with Karan Johar’s Dharma Production, just ahead of the release of Shah Rukh Khan- Kajol starrer My Name Is Khan.

    As part of the tie-up, NDTV will show previews of the movie, featuring its star cast and filmmaker. It will also give an insight into the film’s making. On 21 January, Karan Johar will talk to NDTV viewers about the making of the film on The K Corner on (K)Nightout at 11.30 pm.

    Also, Prannoy Roy will interview – Johar, Khan and Kajol, where the trio will share their trials and tribulations of being together and some moments from the movie.

    The series will be aired every Sunday at 7.30 pm, starting 17 January.

  • NDTV partners with Beximco Group for news channel in Bangladesh

    NDTV partners with Beximco Group for news channel in Bangladesh

    MUMBAI: Dr Prannoy Roy-promoted NDTV Worldwide, the media consulting division of NDTV Ltd, will help a local firm launch a news and current affairs channel in Bangladesh.

    NDTV said Monday it is partnering with Bangladesh-based private sector industrial conglomerate Beximco Group to launch and manage Independent Television.

    Beximco Group, which also manages the publication The Independent, is planning to launch the channel by early September 2010 through its media subsidiary, Independent Television Ltd.

    NDTV will be assisting the Beximco Group with the overall operational and business management of the channel.

    NDTV said in a statement that this partnership will offer news in a refreshing and thought-provoking manner to its discerning Bangladeshi viewers.

    “Beximco Group has planned to expand its presence in the media sector, by launching Independent Television. We aim to make Independent TV a leading news and current affairs channel in the country and would follow the highest ethical values to ensure that we achieve this objective,” said Beximco Group deputy chairman Salman F Rahman. “NDTV is the ideal partner for the launch of our channel. Together, we now look forward to establishing a viewer focused channel that will transform the Bangladesh media industry.” 

    Commenting on the alliance, NDTV Ltd chairman Roy said, “We are delighted to tie up with the Beximco Group in their expansion plans to become a leading media group in Bangladesh. We are confident that Independent Television will set the standards in the Bangladeshi media sector for the times to come”.

  • ‘NDTV is a debt-free company and we are sitting on a cash pile of $70 million’ : NDTV Group CEO KVL Narayan Rao

    ‘NDTV is a debt-free company and we are sitting on a cash pile of $70 million’ : NDTV Group CEO KVL Narayan Rao

    Two years back, Dr Prannoy Roy-promoted NDTV Ltd crafted a growth path in the entertainment business. Riding a bull run, the news broadcasting company launched NDTV Networks Plc to house subsidiary arms NDTV Imagine Ltd and NDTV Lifestyle.

     

    NBC Universal invested a whopping $150 million for an indirect 26 per cent in NDTV Networks at a time when valuations were running high. Besides, NDTV raised $100 million in step-up coupon bonds.

     

    The global downturn led to the exit of NBCU, freeing NDTV to scout for investors for its non-news verticals. US-based Scripps Networks snapped up 69 per cent stake in NDTV Lifestyle while Turner International agreed to take 92 per cent of NDTV Imagine.

     

    So where does this leave NDTV? Are its growth wings clipped?

     

    In an interview with Indiantelevision.com‘s Sibabrata Das, NDTV Group CEO KVL Narayan Rao says at the end of a whole chain of transactions NDTV is left with a cash pile of $70 million to focus on its news business while retaining portions of the non-news business.

     

    Excerpts:
     

     
    What prompted you to get out of the entertainment business?
    We wanted to focus on what we are best at: running news operations. We are a credible news organisation and there is enough scope to grow that. Besides, we will still retain 5 per cent stake (3 per cent post issue of primary shares to Turner) in NDTV Imagine. As for the Hindi GEC space, it was clear that a strong international strategic partner would bring in funding and global expertise. We are delighted that we have this deal with Turner.
     

     
    Did the global downturn and the exit of NBC Universal spur the chain of events?
    No. We bought out NBCU‘s stake. As a result, we got the opportunity to find a good investor who would run the company.
     

     
    NBCU had invested $150 million for the 26 per cent stake. Did you pay $25 million to buy back their stake?
    The deal is confidential. I can‘t comment on that.

     
     
    Was the deal with Turner dependent on repurchasing the bond holders who would have held 20 per cent in NDTV Networks?
    We had set out to do a few things. Buying back the bond holders was part of that process. We paid $72.4 million for that. This allowed us to pursue investors for our different verticals.
     
     

    But wouldn‘t the payout have been $115 mn (along with interest payments)?
    There was a negotiation that took place. We bought out the bonds and that allowed our subsidiaries the flexibility for restructuring and financing the businesses including being able to access bank finances for working capital and other requirements.
     
     

    ‘We wanted to focus on what we are best at: running news operations. We are a credible news organisation and there is enough scope to grow that‘

     
     
    Did you decide to retain a higher stake in NDTV Lifestyle because it would involve less funding while NDTV Imagine would guzzle in more money?
    We entered into an agreement with the US-based Scripps Networks which has experience in creating lifestyle brands. They took a 69 per cent stake and the transaction value was $55 million.
     

     
    Will NDTV get $30 million while the balance go as investments into NDTV Lifestyle?
    I can‘t comment on the specifics.
     
     

    Two years back, NDTV decided to expand because of a bull run. The market tanked and the scenario changed dramatically. Was it a mistake to expand into the non-news business?
    We have completed a chain of transactions. But at the end of it, NDTV is a debt-free company and we are sitting on a cash of $70 million. Perhaps, we are the only TV news organisation that would be sitting on such a large cash pile. We will still have some non-news businesses running. We also have NDTV Convergence. We have a decent future to look forward to.
     
     

    NDTV had posted a standalone net loss of Rs 731.8 million on a turnover of Rs 3.09 billion for the fiscal ended 31 March 2009. How do you plan to turnaround in the news business?
    For FY‘09, we had a one-time cost of around Rs 400 million. We have taken substantial cost-saving measures this year.
     

     
    Do you have major plans to invest in NDTV Convergence?
    It is one of our important properties. A lot, though, will depend on getting the right revenue model.
     
     

    NDTV has shut down MetroNation Delhi. Do you have any revival plans?
    It is too early to comment on this.