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Tag: Reliance

  • Indian Super League 2022-2023: Ather Energy announces Kerala Blasters FC as their digital partner

    Indian Super League 2022-2023: Ather Energy announces Kerala Blasters FC as their digital partner

    Mumbai: E-scooter manufacturer, Ather Energy, has joined the Kerala Blaster Football Club (KBFC) as their digital partner for the team. This will be Ather Energy’s third consecutive year of partnership with the finalists from last season.

    Commenting on the association, Ather Energy chief business officer Ravneet Singh Phokela said  “We are delighted to continue our support with KBFC for the third year in a row. The trajectory of KBFC in this tournament parallels our own in the EV business. KBFC has established itself as one of the country’s most enthusiastic clubs and a finalist in the 2021 season. Similarly, Ather has developed strong salience in Kerala over the last year, becoming the market’s biggest EV player. Our association with KBFC has helped us to drive awareness and familiarity for our brand in Kerala and also across the country, as we continue to expand our footprint. We are hopeful that with this partnership we will be able to showcase our scooters to a larger audience and accelerate the adoption of EVs across the country.” 

    “We are excited to extend our partnership with Ather. They have been at the forefront of India’s transition to electric vehicles, and the club looks forward to helping this transformation continue and driving awareness about sustainable development,” said Kerala Blasters FC director Nikhil Bhardwaj.

    Kerala was one of the first markets in India to adopt EVs and has the highest scooter penetration in India. The acceptance of EVs continues to be at an all-time high. With experience centres across nine major locations (Kochi, Calicut, Trivandrum, Kannur, Palakkad, Thrissur, Kollam, Malappuram & Tirur) and 5,000+ vehicles on the road, Ather is the leading electric vehicle brand in Kerala now. The company has also installed 45+ fast-charging points on the Ather Grid across Kerala, speeding up the EV infrastructure. By the end of the year, Ather Energy plans to expand its presence in Kerala to more cities. The number of test ride requests for the gen3 Ather 450X has risen exponentially across the state in recent months. This association will increase brand awareness in Kerala as well as among the football followers across the country.

    This partnership was enabled and supported by RISE Worldwide, a Reliance initiative and India’s largest sports and entertainment company.

  • Reliance Jio to roll out 5G services in major cities by Diwali

    Reliance Jio to roll out 5G services in major cities by Diwali

    Mumbai: On Monday, at the 45th annual general meeting, Reliance Industries announced that Jio has prepared an ambitious 5G roll-out plan, which is claimed to be the fastest in the world.

    Using immersive and interactive metaverse technology, Reliance chairman Mukesh Ambani addressed the shareholders at the AGM and made the announcement.
    The chairman’s statement also said that they have made a total investment of two 2 lakh crore rupees.

    He said, “Within the next two months, by Diwali, we will launch Jio 5G across multiple key cities, including the metropolises of Delhi, Mumbai, Kolkata, and Chennai. Subsequently, we plan to increase the Jio 5G footprint month after month.”

    “By December 2023, which is less than 18 months from today, we will deliver Jio 5G to every town, every taluka, and every tehsil of our country,” he added.

    The company unveiled the AirFiber, a wireless plug-and-play 5G hotspot that does not require fibre cables and provides a personal Wi-Fi hotspot at home or in the office.

    Reliance Jio chairman Akash Ambani said, “Jio 5G is an ultra-high-speed fixed-broadband. Since you get ber-like speeds over the air without any wires, we are calling it JioAirFiber. With JioAirFiber, it will be really easy to quickly connect your home or office to Gigabit-speed Internet. We have developed a JioAirFiber Home Gateway, which is a wireless, simple, single-device solution.”

    Mukesh Ambani further added, “Digital Freedom is the birthright of every Indian. Therefore, 5G cannot remain an exclusive service, available only to the privileged few or only to those in our largest cities. To build our pan-India true 5G network, we have committed.”

    “We are working with Google to develop ultra-affordable 5G smartphones for India. We will also leverage the advanced capabilities of Google Cloud to offer Jio’s private 5G stack and other 5G-enabled solutions to both domestic and global users at scale,” said Akash Ambani.

    Jio has 421 million mobile broadband subscribers on their 4G network, and according to the company, they consume, on average, nearly 20 GB of broadband data every month, nearly doubling their consumption from the year before.

    Jio’s pan-India fibre-optic network is more than 11 lakh kilometres in length.

    “We will use our combined wireless and wireline assets to cover 3.3 million square kilometres, India’s total land mass, with fibre-quality broadband, connecting even those parts of the country where satellite technology was the only option,” said Mukesh Ambani.

    The company has deployed the Made-In-India 5G stack in their network, with sufficient capacity to serve hundreds of millions of users right from day one.

    “Using 5G technology, we can dramatically reduce latency or lag, and deliver breakthrough increases in broadband speed, network capacity, and the number of connected users,”  said Mukesh Ambani.

    According to Reliance Jio, the main objective is to roll out top-quality, highly affordable fixed broadband services to hundreds of millions of locations in a very short period of time.

    Jio believes it could expand broadband availability to further stimulate the adoption of connected intelligent solutions across all walks of life.

    Mukesh Ambani said, “We will connect over 100 million homes with unparalleled digital experiences and smart home solutions. We will catapult tens of millions of small merchants and small businesses to great heights, empowering them with cutting-edge, plug-and-play solutions delivered from the cloud. We will provide millions of medium-sized businesses with the same digital capabilities that were earlier available only to larger companies.”

    “We will accelerate the digital transformation of tens of thousands of our large enterprises and make them globally competitive. And we will launch billions of smart sensors with connected intelligence that will trigger the internet of things and fuel the fourth industrial revolution,” he concluded.

    In FY22. Reliance Industries has continued to make all-around progress across its businesses. The company became India’s first corporate to cross $100 billion in annual revenues. Reliance’s consolidated revenues grew 47 per cent to Rs 7.93 lakh crore. Reliance’s annual consolidated Ebitda crossed a crucial milestone of Rs 1.25 lakh crore.

  • Reliance Jio launched its streaming platform ‘JioGamesWatch’

    Reliance Jio launched its streaming platform ‘JioGamesWatch’

    Mumbai: Mukesh-Ambani-led Reliance Jio has launched its new streaming platform called ‘JioGamesWatch’ recently. It is the one-stop solution for all types of gaming content that the users will enjoy watching. The streaming service will be available on Android, iOS and even Set Top Boxes.

    Similar to Twitch, JioGamesWatch will offer game-streaming to the users in a convenient way. “The platform has set its sights on empowering and enabling creators to go live, with any device, under low Latency, and showcase the best of their content to millions of viewers,” Jio said in a press release.

    Its viewer engagement tools help to stay ahead of competition, such as emotes & audience polls. The app is fruitful for casual gaming enthusiasts, developers and game publishers. It also has amazing online games, esports and tournaments.

  • Reliance to acquire franchise in South Africa’s T20 cricket league

    Reliance to acquire franchise in South Africa’s T20 cricket league

    Mumbai: In the evolving sports ecosystem, Reliance Industries is playing a crucial role by providing ownership of cricket franchises, football leagues in India, sports sponsorship, consultancy, and athlete talent management, and bringing in industry best practices. To provide a better platform, it has announced the acquisition of a franchise in Cricket South Africa’s upcoming T20 league. Based in Cape Town the new franchise will take forward the Mumbai Indians brand and comes close on the heels of acquiring the UAE-based International League T-20 team.

    Further, Reliance Foundation Sports – the CSR wing of RIL has been leading India’s olympic movement by providing opportunities to athletes across the country to become champions in multiple sports and also leading India’s charge in hosting global sporting events.

    Reliance Industries director Nita Ambani led a successful bid to host the prestigious International Olympic Committee Session in Mumbai in 2023 after a gap of 40 years.

    On this acquisition, Ambani said, “I’m delighted to welcome our new T20 team to the Reliance family! We are excited to take the Mumbai Indians’ brand of fearless and entertaining cricket to South Africa, a nation that loves cricket as much as we do in India! South Africa has a strong sporting ecosystem, and we look forward to exploring the power and potential of this collaboration. As we grow MI’s global cricketing footprint, we remain committed to spreading joy and cheer through sport!”

    Adding to it, Reliance Jio chairman Akash Ambani said, “With our South African franchise, we now have three T20 teams across three countries. We look forward to leveraging our expertise and depth of knowledge in the cricket ecosystem & brand Mumbai Indians to help build the team and provide fans with some of the best cricketing experiences.”

  • Network18’s Q1 consolidated revenue grows 10% to Rs 1,340 crore YoY

    Network18’s Q1 consolidated revenue grows 10% to Rs 1,340 crore YoY

    Mumbai: Network18 Media & Investments on Tuesday announced its financial results for the quarter ended 30 June, 2022. The company reported that its consolidated revenue from operations rose to Rs 1,340 crore year-on-year, amidst a challenging macro environment. It has witnessed 10 percent growth. During the same period, the company posted a 67.52 per cent decline in consolidated net profit at Rs 39.46 crore.

    According to a regulatory filing, Network18’s net profit stood at Rs 121.51 crore during the April-June period a year ago. However, its total expenses were Rs 1,349.78 crore, up 24.88 percent from Rs 1,080.79 crore during the same period last year.

    Network18’s entertainment business revenues grew 13 per cent in Q1 FY23 despite its free-to-air Hindi general entertainment channel (GEC) going off DD FreeDish.

    Digital News revenue continued to grow at a fast pace, said the report, but added that “TV News revenue was flat YoY despite multiple state elections in the base quarter.”

    TV18’s news channels established strong positions in key markets with CNBC TV18, CNN News18 ranked #2 and News18 India ranked #1, #2, and #3 (refer: source) in their genres, respectively.

    During the quarter, three dedicated sports broadcasting channels were launched by Viacom18- Sports18, Sports18 HD and Sports18 Khel.

    On digital media rights for IPL

    Viacom18 has acquired the non-exclusive rights to digitally streaming of 18 matches in every season of the Indian Premier League in the Indian sub-continent for the seasons starting from 2023 to 2027.

    “After announcing a deal with Bodhi Tree and Reliance, Viacom18 made a giant leap towards building a compelling digital consumer proposition by acquiring the Indian subcontinent exclusive digital rights of the Indian Premier League (IPL),” read the statement.

    Highlights for Q1 FY23:

    • Viacom18 has acquired the exclusive digital streaming rights of the Indian Premier League for the Indian sub-continent for the next five seasons (2023-2027) for Rs 23,757.5 crore. It also won the rights for three out of five international territories, which include major cricketing nations like South Africa, Australia, and the UK, for Rs 594.5 crore.
    • IPL is the highest-reaching sports property in the country and will provide a strong entry point for consumers to come to Viacom18’s digital platform. It will play a pivotal role in helping establish it as India’s leading digital media, entertainment, and sports destination.
    • With rights to a slew of diverse sports properties like football (FIFA World Cup, La Liga, Serie A, and Ligue1), basketball (NBA), badminton, and tennis already acquired, Viacom18 is building one of the largest sporting destinations in the country, offering a compelling proposition for both core and casual sports fans.
    • Viacom18, while continuing to strengthen its broadcasting vertical, is building a digital platform of the future to provide best-in-class products and user experience to the fast-growing Indian digital audience. The platform will utilise a combination of exciting sports action and captivating entertainment content across Hindi and regional languages to build a winning consumer value offering.

      Network18 chairman Adil Zainulbhai said, “First quarter of FY23 has set the tone for the journey that we have undertaken towards making Network18 as India’s leading destination for  content. The big development for us this quarter was the acquisition of exclusive digital rights of  IPL. With strong tailwinds favouring digital consumption, it gives us a perfect opportunity to scale-up  our OTT offering. Coupled with the partnership with Bodhi Tree and Reliance, it will enable our  entertainment business to grow to a multiple of what it is today. We are also working towards  creating a 360 degree news offering with depth and breadth, which not only gives the user seamless experience across platforms, but also optimises for relevance. We are laying down strong foundations on which our businesses can continue to grow for the foreseeable future.”
       

    Source: BARC, All India, News genre, TG:15+, Wk 23’22 to 26’22

    Source: BARC, All India, Non-news genre, TG: 2+, Wk 14’22 to 26’22

    Source: BARC, All India, TG: 2+, Wk 23’22 to 26’22

  • Akash Ambani to take over as the chairman of Reliance Jio as Mukesh Ambani steps down

    Akash Ambani to take over as the chairman of Reliance Jio as Mukesh Ambani steps down

    Mumbai: Reliance Jio Infocomm, the telecom arm of Reliance Industries, announced on Tuesday that Reliance Industries chairman and managing director Mukesh Ambani has resigned his position at the company effective from 27 June. Akash Ambani, who is a non-executive director on the board of the company, will take over as the chairman of Indian telecom conglomerate.

    Further, Pankaj Mohan Pawar will take over as the managing director of the company, according to the decisions taken at Jio’s board of directors meeting held on 27 June 2022. The appointment is for a period of five years commencing from 27 June 2022, subject to approval of the shareholders.

    In a regulatory filing, Reliance Jio said the company’s board at a meeting on 27 June, “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.”

    Among other decisions taken by the company’s board of directors at the meeting held on Monday were appointing Raminder Singh Gujral and KV Chowdary as independent directors of the company for a period of five years commencing from 27 June 2022.

    The board noted the resignation of Mukesh D Ambani as director of the company effective from close of working hours on 27 June, even as it approved the appointment of Akash M Ambani, non-executive director as chairman of the board of directors of the company.

  • Reliance Jio adds 1.68 mn wireless subscribers in April: Trai

    Reliance Jio adds 1.68 mn wireless subscribers in April: Trai

    Mumbai: Reliance Jio added 1.68 million wireless subscribers at the end of April, as per subscription data by Telecom Regulatory Authority of India (Trai). Bharti Airtel added 0.81 million wireless subscribers during the same period. Vodafone Idea lost 1.56 million wireless subscribers in April.

    The total number of wireless subscribers increased from 1,142.09 million to 1,142.66 million in April. The wireless subscription in urban areas decreased from 624.23 million to 623.78 million. However, wireless subscription in rural areas increased from 517.86 million to 518.88 million.

    As per Trai data, there were 1013.81 million active wireless subscribers during the month. Reliance Jio had the highest number of active wireless subscribers at 378.85 million followed by Bharti Airtel at 352.68 million and Vodafone Idea at 222.33 million. BSNL had 59.31 million active wireless subscribers.

    As per information received from 657 operators in April, Trai found that total broadband subscribers increased from 788.30 million to 788.77 million. The broadband subscribers comprised 759.87 million mobile device users, 27.25 million wired subscribers and 1.18 million fixed wireless subscribers.  

    The top five broadband service providers were Reliance Jio Infocomm with 411.31 million subscribers, Bharti Airtel with 215.28 million subscribers, Vodafone Idea with 122.06 million subscribers, BSNL with 26.10 million subscribers and Atria Convergence with 2.08 million subscribers.

    The top five wired broadband service providers were Reliance Jio Infocomm with 5.63 million subscribers, Bharti Airtel with 4.85 million subscribers, BSNL with 3.80 million subscribers, Atria Convergence with 2.08 million subscribers and Hathway Cable and Datacom with 1.11 million subscribers.

    The top five wireless broadband service providers were Reliance Jio Infocomm, with 405.68 million subscribers, Bharti Airtel with 210.43 million subscribers, Vodafone Idea with 122.05 million subscribers, BSNL with 22.29 million subscribers and Intech Online with 0.21 million subscribers.

    The number of wireline subscribers increased from 24.84 million to 25.16 million in April.

    The number of telephone subscribers in India increased from 1,166.93 million to 1,167.82 million. Urban telephone subscription decreased from 647.11 million to 646.99 million. However, rural subscription increased from 519.82 million to 520.82 million.

  • 2022 IPL media rights value touches Rs 46,700 crore on Day 2

    2022 IPL media rights value touches Rs 46,700 crore on Day 2

    Mumbai: The Indian Premier League (IPL) media rights value has touched Rs 46,700 crore at the end of day two of the e-auction on Monday. The rights period is from 2023 to 2027 for 410 matches.

    TV rights went for Rs 23,575 crore while digital went for Rs 20,500 crore. TV will cost Rs 57.5 crore a game while digital will cost Rs 50 crore a game. There will be at least two broadcast partners.

    Two different broadcasters won the TV (Package A) and digital (Package B) broadcast rights. Reports indicate that Reliance Jio has won Package B. So far, the price of the combined TV and digital rights this year is almost three times the amount that Star India had paid in 2017.

    On the second day, the price of digital rights per match rose by Rs 2 crore from Rs 48 crore at the end of day one. But the price for TV rights only rose by Rs 50 lakhs a match when the bidding resumed on the second day.

    There is more drama to come. The digital non-exclusive rights (Package C) that include 98 games over five years are valued at Rs 18.5 crore per match. Bidders that did not get their hands on Package A and B may make a play for Package C. If Reliance Jio is unable to win the bid for Package C it would be unable to maximise the value of the digital broadcast rights which would be a blow to its revenue.

    Package D includes the media rights for the rest of the world and is set at a base price of Rs 3 crore per match or Rs 1,110 crore over five years.

    The highly anticipated auction was first announced on 29 March by the Board of Control for Cricket in India (BCCI). The contenders for broadcast rights included Disney Star, Sony Pictures Networks India and Viacom18. The bidders for digital rights include Zee Entertainment Enterprises, Disney+ Hotstar and Reliance Jio. Mjunction is conducting the auction.

    The IPL is the second most valuable sports property after the National Football League (NFL) in terms of broadcast price per match. The value of the media rights per match has reached almost Rs 114 crore leaving the Premier League behind which is valued at around Rs 81 crore per match. The action continues tomorrow.

  • India is a fundamentally attractive market; has a tremendous future: Paramount global president and Ceo Bob Bakish

    India is a fundamentally attractive market; has a tremendous future: Paramount global president and Ceo Bob Bakish

    MUMBAI: Paramount Global President and CEO Bob Bakish is positive about the Indian market and expects that Viacom18 has a potential future here. The company has a stake in Viacom18 along with majority owner Reliance Industries (RIL) and new entrant Bodhi Tree Systems. Among other things, he noted that India will be incremental in Paramount+’s subscriber guidance of 100 million.

    In a conference call to announce the first-quarter results, he said, “India is a fundamentally attractive market. It’s a market that’s already at scale and has a tremendous future ahead of it in the context of media. As I think you know, since its inception, Viacom18 has been a significant player in the market. And the recent agreement with Bodhi Tree, we look at that as a compelling way to drive the next level of growth. And obviously, they’re going to make a significant capital infusion into the business.”

    He highlighted three things about the country. “The first thing is, we like Viacom18. It’s the model we like. It has broad reach television networks, including the market-leading colors brand, combined with a film business, hindi film business, it’s both national and regional, and of course has streaming assets as well, all underpinned by a strong local content engine. So, that’s the model we like in general,” he added.

    “Second thing is, our core partner there is Reliance. That’s arguably the most powerful company in India. And they also own the telecom market leader, Jio. So, we think that’s great. And as I said, now, Viacom18 is set up to be an even bigger player in the market, including in streaming. So, we look at that as a great opportunity for Paramount+. As we said — as I said in my remarks, we’re going to enter in 2023 in — and we’re going to do so in a very capital efficient, hard bundle way. And so, we think that’s a great route into that market. And I would also note that India will be incremental to our 100 million sub guidance. It’s early days. So, we’re still at the point of deciding what we want to put out there. But it’s incremental to our guide,” Bakish added.

    But when asked about the IPL rights coming up he clarified that there is no plan to put cricket on Paramount+. “But remember what I said. It’s a hard bundle strategy, which means Paramount+ will travel with other assets. And therefore, we believe there’s a real opportunity to benefit from cricket without having to pay for it on Paramount+. So, that assumes of course that the asset ends up in a certain place. But that’s the answer for India. Again, we’re tremendously excited about that market, about our partner, Reliance, about Bodhi Tree coming in and benefiting from a leadership position therein,” he added.

    Last month RIL and Viacom18 announced a strategic partnership with Bodhi Tree Systems. Bodhi Tree is a joint venture between James Murdoch’s Lupa Systems and media and entertainment industry veteran Uday Shankar. As a result of the move, Paramount Global had reduced its stake in Viacom18.

  • Viacom18 aims for long-term growth with Rs 15,000 crore investment

    Viacom18 aims for long-term growth with Rs 15,000 crore investment

    Mumbai: Network18 Media and Investments Ltd announced on Tuesday the results for the financial year (FY) 2021-2022 and for the fourth quarter ending on 31 March.

    The company reported consolidated operating revenue of Rs 5,880 crore a 25 per cent increase year-on-year (YoY). Its profit after tax (PAT) stood at Rs 838 crore up by 53 per cent YoY despite the impact of Rs ~140 crore higher tax provision. It reported its highest ever operating earnings before interest, tax, depreciation and amortization (EBITDA) at Rs 1,080 crore up by 36 per cent YoY driven by robust financial performance in all three verticals – TV news, entertainment, and digital news.

    For the fourth quarter, the company reported earnings of Rs 1,621 crore up by 15 per cent YoY. However, consolidated operating EBITDA stood at Rs 266 crore, a five percent decline YoY.

    Partnership with Bodhi Tree

    On 27 April, Viacom18 announced a strategic partnership with Reliance and Bodhi Tree Systems, a platform of James Murdoch’s Lupa Systems and Uday Shankar. As part of the deal, Rs 15,145 crore will be infused by Bodhi Tree Systems and Reliance combined. Bodhi Tree will invest Rs 13,500 crore whereas Reliance Projects and Property Management Services Limited (RPPMSL), a wholly owned subsidiary of Reliance, will infuse Rs 1,645 crore. In addition, the JioCinema OTT app, currently owned by RPPMSL, will be transferred to Viacom18.

    The media conglomerate also announced that Paramount Global will continue to supply its premium global content and launch Paramount+ in India in partnership with its subsidiary Viacom18. “Paramount Global, formerly ViacomCBS, reaffirmed its commitment to the partnership as a strategic partner in Viacom18,” said the company statement. “This partnership between Reliance, Paramount Global and Bodhi Tree Systems, will enable Viacom18 to transform into one of the largest TV and digital streaming companies in India,” the company said.

    The infusion of Rs ~15,000 crore in Viacom18 will enable the company to make an investment in high growth businesses namely digital, sports and regional entertainment and set it on a long-term growth path, said the statement.

    “The media and entertainment industry in India has a long runway for growth and has attracted the interests of global players as well as spurred mergers and acquisition activity from Indian peers,” said the statement. “Digital business models are still evolving for all players as the Indian digital ecosystem continues to mature every year, however, still some time away from being a positive contributor to the bottom line. To be a meaningful player in this landscape, where consumers are spoilt for choice, one has to invest in content, distribution and technology.”

    Viacom18 will use the cash infusion to scale up its content offering for both digital and TV and strengthen its competitive position across markets. The strategic arrangement to access Jio’s 400 million strong mobility and fiber consumer base will enable Viacom18’s digital platform to access the consumers of Jio and catapult its reach. It will enable the utilisation of a large smartphone and JioPhone user base for advertising and driving subscription revenue for premium content. JioCinema will also bring its critical partnerships with marquee content producers for content and OEMs (original equipment manufacturers) for distribution.

    The transaction is expected to close within six months and is subject to customary closing conditions and approvals.

    Sports business

    Viacom18 forayed into the sports genre and launched three sports channels including one free-to-air channel last month. During the year, the company acquired the television and digital rights to sports properties like NBA and FIFA World Cup, two of the most watched sports properties in the world, as well as major footballing leagues La Liga (Spain), Serie A (Italy) and Ligue 1 (France), Cinch Premiership (Scotland), and other sporting events like ATP Masters Tennis, WTA, top BWF World Tour events like All England Open Badminton Championship, World Boxing Championship, Abu Dhabi T10 Cricket, and Road Safety World Cricket Series, among others.

    “Viacom18 believes that sports, especially live sports, will help strengthen the value proposition of the network to consumers and will complement the current entertainment offering,” said the statement. “The network will continue to add more events and properties to its catalogue and will strive to be India’s most-coveted sports network by providing fans easy access to a comprehensive bouquet of international and premium sports content.”

    The company’s TV network maintained an all India viewership share of 10.7 per cent. The share of entertainment networks in the non-news genre was 11.2 per cent with Colors being the top second primetime channel in the Hindi general entertainment genre. The channel launched ten fiction and five impact shows to strengthen its viewership share in the genre. Colors Kannada and Colors Marathi were amongst the top three channels in their respective markets with kids and English portfolios were leaders in their genres.

    As per Broadcast Audience Research Council (Barc) ratings which resumed on 17 March, TV18 news portfolio was #22 in terms of reach and #32 in terms of viewership share. The network maintained leadership in English business news (CNBC TV18) and had strong positions in English and several regional markets.

    “FY22 was a remarkable year, not only from the perspective of numbers, but in terms of building a strong foundation on which the business can continue to grow for the foreseeable future,” said Network18 chairman Adil Zainulbhai. “The financial performance has vindicated our decision to invest in new businesses a few years ago which have started showing encouraging positive results. In a similar vein, we have set ourselves an ambitious target to become a leading player in the digital space while strengthening our core TV offering. We will continue to solidify our ‘Digital First, TV Always’ proposition, leveraging our existing strengths to grow in segments where we are present and breaking ground in new markets with new and innovative offerings. The strategic partnership we have struck for Viacom18 is a big step in this direction which will help set the Company on a long-term growth trajectory and create one of India’s leading content company.”