Network18 Media, in its Q3 FY24 results, witnessed a consolidated operating revenue decline of 4.1% to Rs 1,774 crore, compared to Rs 1,850 crore in the same quarter last fiscal. TV18, encompassing TV news and entertainment, faced a 5.2% drop in operating revenue, standing at Rs 1,676 crore. However, TV18’s News Business recorded a robust 23% revenue jump, reaching Rs 402 crore in Q3FY24.
The digital news platforms under Network18, including popular brands like Moneycontrol, News18.com, and Firstpost, experienced a significant 20% growth, posting a revenue of Rs 111 crore in Q3 FY24.
Despite challenges in the entertainment sector, TV18 reported an 8% YoY increase in subscription revenue, while film production and distribution revenue sharply declined by 51%, from Rs 209 crore in Q3 FY23 to Rs 103 crore in Q3 FY24.
The company reported an overall loss of Rs 108 crore, with TV18 Broadcast suffering a loss of Rs 56 crore during the third quarter of FY24. However, the total income, including other income, marginally increased to Rs 1,841 crore from Rs 1,823 crore in Q3 FY23.
The earnings release highlighted a scheme of arrangement for the merger of TV18 and e-Eighteen.com (Moneycontrol) with Network18, aiming to simplify the holding structure and create a platform-agnostic news media conglomerate. Adil Zainulbhai, Chairman of Network18, expressed satisfaction with the merger announcement, anticipating better consumer service and synergies across segments.
The merged entity will include TV18’s news portfolio, digital assets of Network18, and Moneycontrol. Viacom18, with JioCinema and 40 TV channels, will be a direct subsidiary of Network18. JioCinema, during the quarter, strengthened its position as a leading digital destination for sports and entertainment content in India, hosting multiple sporting events.
Zainulbhai emphasized the growth potential in the Indian media sector, noting strong positions across segments and the long runway for growth. The company believes the merger will provide a unique opportunity for shareholders to participate in the media business through a single listed entity.
