Network 18 Media & Investments Pvt Ltd's total revenue declined by 4% in the first quarter ending June 30, 2024 compared to the same period last fiscal.

In its financial statement for Q1 FY25, the network, which includes TV news, entertainment and digital news, reported that the total income stood at Rs 3,292 crore for Q1 FY25, down by 4% from the same period in FY24. Its total expenses increased from Rs 3,432 crore in Q1 FY24, to Rs 3,509 crore in Q1 FY25.

Operating revenue of the network stood at Rs 3,141 crore, down from Rs 3,239 crore in Q1 FY24.

The company also reported a significant loss of Rs 198 crore in Q1 FY25. It had reported a profit of Rs 29 crore in Q1 FY24. In Q4 FY24, the company’s net loss was Rs 206.9 crore.

Its marketing, distribution and promotional expenses also reduced this quarter from Rs 525 crore in Q1 FY24 to Rs 510 crore in Q1 FY25.

The depreciation and amortisation expenses of the company went up from Rs 41 crore in Q1 FY24 to Rs 70 crore in Q1 FY25.

Network18 Media and Investments Pvt Ltd, includes TV18 Broadcast Ltd, Viacom 18 Media Pvt Ltd, Network18 Media Trust, Moneycontrol Dot Com India Ltd, AETN18 Media Private Limited, Colosceum Media Pvt Ltd, Digital18 Media Ltd, e-Eighteen.com Ltd, Greycells18 Media Ltd, IndiaCast Media Distribution Pvt Ltd, IndiaCast UK Ltd, IndiaCast US Ltd, lnfomedia Press Ltd, Medials Distribution Services Ltd, Roptonal Ltd, Viacom 18 Media (UK) Ltd, Viacom 18 US Inc. and Web18 Digital Services Ltd.

According to the network, IPL 2024 was a huge success on JioCinema, reaching 620 million viewers, a growth of 38% YoY.

“It also witnessed a sharp increase in engagement, with audiences spending a total of more than 350 billion minutes watching the most popular annual sports spectacle, 50%+ higher than last season. Viewers watched an average of 75 minutes per session, up from 60 minutes last year,” it said.

The company said that in the meetings convened pursuant to the order of National Company Law Tribunal, the shareholders and unsecured creditors of Network18 Media & Investments Ltd., TV18 Broadcast Ltd. and e-Eighteen.com Ltd., approved the Scheme of Arrangement for amalgamation of these companies.

The Company is in the process of obtaining other requisite approvals for completion of the merger, it said.

It also said that Viacom18 and Star India Pvt Ltd obtained the approvals of their respective creditors in the meetings held on 12th June as per the directions of the NCLT for the proposed transaction between the two companies.

“The companies are in the process of obtaining other requisite approvals for completion of the transaction,” it said.

Highlights

• Shareholders and creditors of Network18, TV18 Broadcast Ltd. and e-Eighteen.com approved the proposed merger on 10th July; NCLT and other approvals awaited
• TV News network delivered industry-leading revenue growth during the general elections on the back of strong market positions across genres; also saw a sharp turnaround in profitability
• Network18’s digital portfolio saw a substantial growth in reach and engagement with News18 (non-English) and Moneycontrol fortifying leadership positions; new digital initiatives scaling up well
• JioCinema delivered record viewership during IPL 2024 with a reach of over 600 million; JioCinema was the fastest growing SVOD platform, driven by the new disruptive subscription plans
• Consolidated revenue for the quarter was Rs. 3,141 crore, driven by Sports and News segments; Overall profitability was impacted due to continued investments in Viacom18