Network18 Faces Financial Loss Amid Merger and Advertising Slump

Network18 Media & Investments Ltd reported a net loss of Rs 29.09 crore for the March quarter with a revenue of Rs 561.32 crore. The results are affected by Viacom18's merger with Star India and a slump in TV advertising. The company remains optimistic about long-term growth.

Network18 Media & Investments Ltd has disclosed a consolidated net loss of Rs 29.09 crore for the March quarter, reporting revenue from operations at Rs 561.32 crore. The company's recent figures draw comparisons with the Rs 195.68 crore loss and Rs 2,792.45 crore revenue from the same quarter last year.

A major factor influencing these financial outcomes is the recent merger of Viacom18 with Star India, which led to derecognition of considerable net assets. Exceptional items in the results include a Rs 1,435.79 crore loss related to this merger. Network18 attributes this decline partially to the subdued advertising environment post-election binge.

Despite these challenges, the company emphasizes its leadership position in the News sector, enhancing its ad pricing and maintaining viewership share. Chairman Adil Zainulbhai expressed optimism about overcoming short-term macro-economic obstacles while expanding consumer connections across diverse linguistic markets.

(With inputs from agencies.)