What Future for the Media in India?

Total Page:16

File Type:pdf, Size:1020Kb

What Future for the Media in India? ISSN (Online) - 2349-8846 What Future for the Media in India? Reliance Takeover of Network18 PARANJOY GUHA THAKURTA Vol. 49, Issue No. 24, 14 Jun, 2014 Paranjoy Guha Thakurta ([email protected] ) is an independent journalist and educator. India’s largest company now controls India’s largest media conglomerate. India’s media could therefore well be perceived to henceforth be a little less independent or, for that matter, trustworthy. The decision by Reliance Industries Limited (RIL) to wrest full managerial and editorial control over the Network18 group was not unexpected given the fact that two and half years ago, RIL, the country's biggest privately-owned company, had invested heavily in Network18, India's biggest media organisation after its virtual amalgamation with the Eenadu group. The country's richest man, Mukesh D Ambani, is now, formally, also India's biggest media baron. However, what took some by surprise was the speed with which the core team led by the Network18 group's principal promoter Raghav Bahl quit – rather, was ousted – within a fortnight of the declaration of the results of the general elections on 16 May. Rationale The Reliance group seeks to explain its decision to take over the Network18 group as a move driven by synergy since it intends becoming a major participant in the fourth- generation (4G) high-speed data transfer business, at a time when technological convergence has blurred the distinction between telecommunications and broadcasting. At the same time, what Reliance has achieved by becoming the biggest player in India's mass media industry is that it has enhanced its ability to influence public opinion through the media, thereby also strengthening its hold over the working of the country's political economy. At present, the Network18 group is the largest media conglomerate in India, bigger than the Bennett Coleman/Times group and the STAR group which is part of Rupert Murdoch's media empire. The consequence of RIL strengthening its association with Network18 is a clear loss of heterogeneity in the dissemination of information and opinions. Media plurality in a multicultural country like India will diminish. In particular, the space for providing factual information as well as expressing views that are not in favour of (or even against the interests of) India's biggest corporate conglomerate will shrink, not just in the traditional ISSN (Online) - 2349-8846 mainstream media (print, television and radio) but in the new media (internet and mobile telephony). There is growing concentration of ownership in the country's already- oligopolistic media markets. In the absence of restrictions on cross-media ownership, these trends will inexorably lead to the continuing privatisation and "commodification" of information instead of making it more of a "public good" that could benefit larger sections of society, in particular the underprivileged. On 30 May, an announcement was made by RIL to the Bombay Stock Exchange that the company's board of directors had approved an additional investment of Rs 4,000 crore in an entity named Independent Media Trust (IMT) to acquire the properties of the Network18 group. Within days, those associated with Bahl, including his wife Ritu Kapur, his sister Vandana Malik and his close confidantes, including chief executive officer B Sai Kumar, chief operating officer Ajay Chacko and chief financial officer RDS Bawa, had put in their papers. As Bahl and Ritu Kapur ended their "entrepreneurial leadership", they welcomed Mukesh Ambani and RIL as the "potential owners of Network18" and assured employees Believe us, the group (Network18) is in terrific hands. Mr Ambani is a visionary and a truly good human being. And, we have no doubt Network18 will soar into the ‘cloud’ under this dispensation. All of you have very good cause to be excited and optimistic about the future...God bless you and God bless Network18. Acquisition Process The story of RIL acquiring control over Network18 began in late 2011. Network18 had a consolidated debt of nearly Rs 1,400 crore on its books at the end of the year and was looking for a "white knight" to bail it out. Bahl was not alone in this regard. Promoters of a number of major media groups, including Aroon Purie (of the Living Media group) and Prannoy Roy (of New Delhi Television), were desperately looking for investors in the wake of the worldwide recession and the economic slowdown in India that brought about a squeeze in expenditures on advertising and marketing services, the proverbial "financial oxygen" of commercially-run media companies. What compounded the crunch for "traditional" media organisations and completely disrupted their business models was the rapid spread of the internet that made (and continues to make) increasingly large volumes of media content almost "free" to those with a computer and internet connectivity. It was against this backdrop that in January 2012, RIL announced that it was entering into a complex, multi-layered financial arrangement that involved selling its interests in the Hyderabad, Andhra Pradesh-based Eenadu group founded by Ramoji Rao to the Network18 group and also funding the last-named group through a rights issue of shares. Television18 ISSN (Online) - 2349-8846 – a company in the Network18 group – stated that its board of directors had approved an outlay of up to Rs 2,100 crore for the proposed acquisition of the Eenadu group's television assets through IMT which would fund the acquisition of shares in Network18 and TV18 through rights issues. The two entities went on to raise approximately Rs 4,000 crore, including Rs 1,700 crore from its promoters. (For a detailed analysis of this arrangement, see "Corporatisation of the Media" EPW, 18 February, 2012, by Paranjoy Guha Thakurta and Subi Chaturvedi) RIL had earlier acknowledged in the High Court of Andhra Pradesh that its investments in Ushodaya Enterprises, the holding company of the Eenadu group promoted by Ramoji Rao who is credited with playing an important role in the rise of the late N T Rama Rao as chief minister of Andhra Pradesh and thereafter, his son-in-law N Chandrababu Naidu. A petition had been filed in the court by the widow of former Andhra Pradesh chief minister belonging to the Congress, the late Y S Rajasekhara Reddy, Y S Vijayalakshmi (who was then a member of the state legislative assembly). The petition had alleged that RIL had bailed out Ramoji Rao when his family-owned chit fund, Margadarsi, was in trouble and facing various inquiries (from, among others, the Reserve Bank of India). Outlook (16 January 2012) suggested: "RIL bailed out ETV (Eenadu TV) after a deal between Ushodaya and private equity investor Blackstone was scuppered by the then Andhra CM YSR. Investment banker Nimesh Kampani of JM Financial then pumped in Rs 2,600 crore (he was hounded by YSR for his efforts). In 2008, ETV was transferred to RIL". RIL denied these allegations in court. However, its association with the Eenadu group raised quite a few questions. Financial analysts wondered whether the deal entailed RIL buying back its own assets, thereby raising issues of corporate governance and incomplete disclosure of information to shareholders. All these questions and doubts have today been relegated to the history books. Political equations have changed in the now-bifurcated Andhra Pradesh with Naidu back in power and RIL taking full control over both the Network18 and the Eenadu groups. The January 2012 deal provided for RIL to get preferential access to the content as well as the distribution assets of both media groups. RIL had stated then that Infotel (now a part of Reliance Jio) was "setting up a pan-India world class fourth generation broadband network using state-of-the art technologies... to take leadership position in content distribution through broadband technology through a host of devices". RIL added that it would access digital content on "entertainment, news, sports, music, weather, education and other genres" from Network18 and that this was "one of many" partnerships being undertaken by the company. Even at that time, the Reliance group had sought to assuage apprehensions that RIL’s association with Network18 would exert an influence on the latter's editorial policies. Identical statements issued by both groups stated that funding from RIL would not alter ISSN (Online) - 2349-8846 promoter, management or editorial control of Network18 entities. In its media release, RIL had stated: "…Bahl and his team will continue to have full operational and management control of both the companies…Bahl and the current promoter entities of Network18 and TV18 will continue to retain control over Network 18 and TV18…" It is now clear that the real boss of the Network18 is no longer Bahl but Mukesh Ambani. In May 2012, the Competition Commission of India had made it apparent that the zero coupon optionally convertible debentures issued to facilitate the deal could be converted into equity shares at any point of time within a period of 10 years which would result in RIL and entities owned and controlled by it acquiring over 99.9% of the shareholding in companies in the Network18 group. Network 18 and Eenadu Empires The Network18 group owns television channels such as CNBC-TV18, CNN-IBN, CNBC Awaaz, IBN7, IBN Lokmat and Colors, websites like Moneycontrol.com, Firstpost.com, In.com, IBNLive.Com, Cricketnext.in, Bookmyshow.com and Homeshop18 (a television cum internet venture), besides printed magazines such as Forbes India and Overdrive, among other media and non-media properties. Many of these dominate their respective market segments, in particular, the segments providing news about shares and other financial instruments as well as the activities of corporate entities. Eenadu is the most widely-circulated newspaper in the Telugu language.
Recommended publications
  • Draft Letter of Offer This Document Is Important and Requires Your Immediate Attention
    DRAFT LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION The letter of offer (“Letter of Offer”) will be sent to you as an Equity Shareholder of Gaurav Mercantiles Limited (“Target Company”). If you require any clarifications about the action to be taken, you may consult your stock broker or investment consultant or Manager to the Offer or Registrar to the Offer. In case you have recently sold your equity shares in the Target Company, please hand over the Letter of Offer (as defined hereinafter) and the accompanying Form of Acceptance cum Acknowledgement (“Form of Acceptance”) and Securities Transfer Form(s) to the Member of Stock Exchange through whom the said sale was effected. OPEN OFFER (“OFFER”) BY RAGHAV BAHL Residence: F-3, Sector 40, Noida – 201301, Uttar Pradesh, India; Tel.: +91 120 475 1828; Fax: +91 120 475 1828; E-mail: [email protected]; (hereinafter referred to as the “Acquirer”) ALONG WITH RITU KAPUR Residence: F-3, Sector 40, Noida – 201301, Uttar Pradesh, India; Tel.: .: +91 120 475 1828; Fax: +91 120 475 1828; E-mail: [email protected] MAKE A CASH OFFER TO ACQUIRE UP TO 520,000 (FIVE LAKH TWENTY THOUSAND ONLY) FULLY PAID UP EQUITY SHARES, HAVING FACE VALUE OF INR 10 (INDIAN RUPEES TEN ONLY) EACH (“EQUITY SHARES”), REPRESENTING 26% (TWENTY SIX PERCENT ONLY) OF THE VOTING SHARE CAPITAL OF THE TARGET COMPANY (AS HEREINAFTER DEFINED), FROM THE PUBLIC SHAREHOLDERS OF GAURAV MERCANTILES LIMITED Corporate Identification Number: L74130MH1985PLC176592 Registered Office: 310, Gokul Arcade
    [Show full text]
  • Annual Report (April 1, 2008 - March 31, 2009)
    PRESS COUNCIL OF INDIA Annual Report (April 1, 2008 - March 31, 2009) New Delhi 151 Printed at : Bengal Offset Works, 335, Khajoor Road, Karol Bagh, New Delhi-110 005 Press Council of India Soochna Bhawan, 8, CGO Complex, Lodhi Road, New Delhi-110003 Chairman: Mr. Justice G. N. Ray Editors of Indian Languages Newspapers (Clause (A) of Sub-Section (3) of Section 5) NAME ORGANIZATION NOMINATED BY NEWSPAPER Shri Vishnu Nagar Editors Guild of India, All India Nai Duniya, Newspaper Editors’ Conference, New Delhi Hindi Samachar Patra Sammelan Shri Uttam Chandra Sharma All India Newspaper Editors’ Muzaffarnagar Conference, Editors Guild of India, Bulletin, Hindi Samachar Patra Sammelan Uttar Pradesh Shri Vijay Kumar Chopra All India Newspaper Editors’ Filmi Duniya, Conference, Editors Guild of India, Delhi Hindi Samachar Patra Sammelan Shri Sheetla Singh Hindi Samachar Patra Sammelan, Janmorcha, All India Newspaper Editors’ Uttar Pradesh Conference, Editors Guild of India Ms. Suman Gupta Hindi Samachar Patra Sammelan, Saryu Tat Se, All India Newspaper Editors’ Uttar Pradesh Conference, Editors Guild of India Editors of English Newspapers (Clause (A) of Sub-Section (3) of Section 5) Shri Yogesh Chandra Halan Editors Guild of India, All India Asian Defence News, Newspaper Editors’ Conference, New Delhi Hindi Samachar Patra Sammelan Working Journalists other than Editors (Clause (A) of Sub-Section (3) of Section 5) Shri K. Sreenivas Reddy Indian Journalists Union, Working Visalaandhra, News Cameramen’s Association, Andhra Pradesh Press Association Shri Mihir Gangopadhyay Indian Journalists Union, Press Freelancer, (Ganguly) Association, Working News Bartaman, Cameramen’s Association West Bengal Shri M.K. Ajith Kumar Press Association, Working News Mathrubhumi, Cameramen’s Association, New Delhi Indian Journalists Union Shri Joginder Chawla Working News Cameramen’s Freelancer Association, Press Association, Indian Journalists Union Shri G.
    [Show full text]
  • 18 December 2020 Reliance and Bp Announce First Gas from Asia's
    18 December 2020 Reliance and bp announce first gas from Asia’s deepest project • Commissioned India's first ultra-deepwater gas project • First in trio of projects that is expected to meet ~15% of India’s gas demand and account for ~25% of domestic production Reliance Industries Limited (RIL) and bp today announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India. RIL and bp are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet ~15% of India’s gas demand by 2023. These projects will utilise the existing hub infrastructure in KG D6 block. RIL is the operator of KG D6 with a 66.67% participating interest and bp holds a 33.33% participating interest. R Cluster is the first of the three projects to come onstream. The field is located about 60 kilometers from the existing KG D6 Control & Riser Platform (CRP) off the Kakinada coast and comprises a subsea production system tied back to CRP via a subsea pipeline. Located at a water depth of greater than 2000 meters, it is the deepest offshore gas field in Asia. The field is expected to reach plateau gas production of about 12.9 million standard cubic meters per day (mmscmd) in 2021. Mukesh Ambani, chairman and managing director of Reliance Industries Limited added: “We are proud of our partnership with bp that combines our expertise in commissioning gas projects expeditiously, under some of the most challenging geographical and weather conditions.
    [Show full text]
  • Press Release Reliance Industries Limited
    Press Release Reliance Industries LImited March 30, 2020 Ratings Amount Facilities Rating1 Rating Action (Rs. crore) CARE AAA; Non-Convertible Debentures 10,386 Stable(Triple A; Assigned Outlook: Stable) Details of instruments/facilities in Annexure-1 Other Ratings Instruments Amount (Rs.Crore) Ratings Non-Convertible Debenture 40,000 CARE AAA; Stable Commercial Paper 34,500 CARE A1+ Detailed Rationale& Key Rating Drivers On March 18, 2020, the company announced that the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad Bench has approved the Scheme, for transfer of certain identified liabilities from Reliance Jio Infocomm Limited (RJIL; rated CARE AAA; Stable/ CARE A1+, CARE AAA (CE); Stable) to Reliance Industries Limited (RIL). Pursuant to the Scheme of Arrangement amongst RJIL and certain classes of its creditors (the “Scheme”) as sanctioned by the Hon’ble National Company Law Tribunal, Ahmedabad Bench, vide its order dated March 13, 2020, RIL has assumed the NCDs issued by RJIL. The rating continues to factor in the immensely experienced and resourceful promoter group, highly integrated nature of operations with presence across the entire energy value chain, diversified revenue streams, massive scale of downstream business with one of the most complex refineries, established leadership position in the petrochemical segment as well as strong financial risk profile characterized by robust capital structure, stable cash flows and healthy liquidity position. The rating also factors in the increasing wireless subscriber base which has led its digital services business to attain a leadership position in the industry as well as the various steps announced by the management to reduce the debt on a consolidated level.
    [Show full text]
  • Digital Payments Take Off in India December 9, 2016
    DIGITAL PAYMENTS TAKE OFF IN INDIA DECEMBER 9, 2016 SUMMARY ABOUT ASG On November 8, Prime Minister Narendra Modi announced that at the stroke of Albright Stonebridge Group midnight, currency notes of Rs. 500 and Rs. 1,000 denominations would cease to be (ASG) is a leading global legal tender. business strategy firm. We help clients understand and Following the announcement, digital payments through credit and debit cards as well successfully navigate the as digital wallets have accelerated, and the government is continuing its push to economic, political, and decrease cash payments in the economy. social landscape in international markets. The government has announced incentives including waiving service taxes on ASG’s worldwide team of digital payments, discounts on purchases (petrol, railway tickets, highway tolls), commercial diplomats has and more. served clients in more than 110 countries. Over 12.6 trillion rupees ($185 billion) have been deposited into bank accounts since the government’s announcement on November 8. ALBRIGHTSTONEBRIDGE.COM GDP growth is expected to suffer in the short-run, according to S&P and Moody’s. Shortage of card-reading machines has been a boon for mobile payments companies. The Reserve Bank of India has waived off two-factor authentication requirements to transactions valued under Rs. 2,000. The Finance Ministry has announced plans to make all payments above Rs. 5,000 by government departments to contracts via electronic payments. A high-level committee of chief ministers has been formed to develop a roadmap for increased use of digital payments in the economy. The government is working on an upgraded Unified Payments Interface for banks to increase ease of use and security across the network.
    [Show full text]
  • For the Quarter / Nine Months Ended December 31, 2019 – Media
    -· Reliance Industries Limited January 17, 2020 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Plot No. Cl1, G Block Mumbai 400 001 Bandra-Kurla Complex Sandra (East) Mumbai 400 051 Scrip Code: 500325 Trading Symbol: RELIANCE Dear Sirs, Sub: Media Release - Standalone and Consolidated Unaudited Financial Results for the quarter I nine-months ended December 31, 2019 In continuation of our letter of today's date on the Standalone and Consolidated Unaudited Financial Results for the quarter I nine months ended December 31, 2019, we send herewith a copy of Media Release issued by the Company in this regard. The Standalone and Consolidated Unaudited Financial Results for the quarter I nine months ended December 31, 2019 approved by the Board of Directors and the Media Release in this connection will also be available on the Company's website, 'www.ril.com'. Kindly acknowledge receipt. Thanking you, Yours faithfully, For Reliance Industries Limited joPl{ Savithri Parekh Joint Company Secretary and Compliance Officer Encl.: As above Copy to: The Luxembourg Stock Singapore Stock Taipei Stock Exchange Exchange Exchange 15F, No.100, Sec. 2, Societe de Ia Bourse de 2 Shenton Way, #19- 00 Roosevolt Road, Luxembourg SGX Centre 1, Taipei, Taiwan, 10084 35A boulevard Joseph II Singapore 068804 8 P 165, L-2011 Luxembourg Registered Office: Maker Chambers IV, 3rd Floor, 222, Nariman Point, Post Box: 11717, Mumbai- 400 021. India. Phones:+ 91-22-3555 5000. Telefax: +91-22-2204 2268, 2285 2214.
    [Show full text]
  • February 17, 2020
    February 17, 2020 The Manager, Listing Department The General Manager The National Stock Exchange of India Ltd. The Bombay Stock Exchange Limited Exchange Plaza Listing Department Bandra Kurla Complex 15th Floor, P J Towers Bandra (E) Mumbai-400 051 Dalal Street, Mumbai-400 001 NSE Trading Symbol- DEN BSE Scrip Code- 533137 Dear Sirs, Sub.: Media Release titled “Scheme of Amalgamation and Arrangement amongst Network18, TV18, Den & Hathway” Dear Sirs, Attached is the Media Release being issued by the Company titled “Scheme of amalgamation and Arrangement amongst Network18, TV18, Den & Hathway”. You are requested to take the above on record. Thanking You, FCS No. :6887 MEDIA RELEASE Scheme of Amalgamation and Arrangement amongst Network18, TV18, Den & Hathway Consolidates media and distribution businesses of Reliance Creates Media & Distribution platform comparable with global standards of reach, scale and integration News Broadcasting business of TV18 to be housed in Network18 Cable and Broadband businesses of Den and Hathway to be housed in two separate wholly-owned subsidiaries of Network18 February 17, 2020: Reliance Industries (NSE: RELIANCE) announced a consolidation of its media and distribution businesses spread across multiple entities into Network18. Under the Scheme of Arrangement, TV18 Broadcast (NSE: TV18), Hathway Cable & Datacom (NSE: HATHWAY) and Den Networks (NSE: DEN) will merge into Network18 Media & Investments (NSE: NETWORK18). The Appointed Date for the merger shall be February 1, 2020. The Board of Directors of the respective companies approved the Scheme of Amalgamation and Arrangement at their meetings held today. The broadcasting business will be housed in Network18 and the cable and ISP businesses in two separate wholly owned subsidiaries of Network18.
    [Show full text]
  • Reliance Industries and Reliance Communications Sign Telecom Tower Pact
    Reliance Industries and Reliance Communications Sign Telecom Tower Pact The Ambani brothers have signed a mega deal to share mobile telecom towers. The agreement would permit Reliance Jio Infocomm, a subsidiary of Mukesh Ambani's, Reliance Industries Limited to rent 45000 telecom towers of Anil's Reliance Communications for a period of 15 years. Reliance Jio Infocomm will pay Rs. 12000 crores to Reliance Communication for this lease, which translates to around Rs. 14000-15000 per tower per month. The deal is a win-win for both the companies as it provides a regular income stream for Reliance Comunications and a quicker and economical network capability to Reliance Jio Infocomm when it rolls out its 4G services. Reliance Jio Infocomm could commence occupying some of the towers in the next six months. As per the market sources, Reliance Jio Infocomm did a hard bargain as the prevailing market rental value for a telecom tower ranges around Rs. 25000 - 30000 per month. Reliance Communication will use a large part of the proceeds to retire debt. It has an outstanding debt of around Rs 39,000 crores. This is the second telecom business deal between the two Ambani brothers. Earlier, in April this year these two companies had signed a Rs. 1200 crore pact to share the optic fibre network for carrying call traffic across the country. According to Gurdeep Singh - chief executive (mobility), Reliance Communications, it is possible that these two firms will sign more deals that are mutually beneficial. Synergies in telecom operations appear to have brought the two family factions together.
    [Show full text]
  • Network18 Media & Investments Limited – Update on Material Event Rationale
    April 29, 2021 Network18 Media & Investments Limited – Update on Material Event Summary of rating(s) outstanding Previous Rated Amount Current Rated Amount Instrument* Rating Outstanding (Rs. crore) (Rs. crore) Commercial Paper Programme 1,500.0 1,500.0 [ICRA]A1+ Overdraft / Working Capital 30.0 30.0 [ICRA]A1+ Demand Loan Short-term Unallocated Limits 470.0 470.0 [ICRA]A1+ Total 2,000.00 2,000.00 *Instrument details are provided in Annexure-1 Rationale On February 17, 2020, Network18 intimated the stock exchanges regarding a scheme of amalgamation and arrangement amongst Network18, TV18, DEN Networks Limited (DEN) and Hathway Cable & Datacom Limited (Hathway). Under the scheme, DEN, Hathway and TV18 were to merge into Network18 with effect from February 1, 2020, subject to receipt of necessary approvals; to consolidate Reliance Industries Limited’s (RIL, rated [ICRA]AAA (Stable) / [ICRA]A1+ and Baa2 Stable by Moody’s Investors Service) media and distribution business spread across multiple entities into Network18. The company again announced on April 20, 2021 that considering more than a year has passed from the time the Board considered the Scheme, the Board of the Company has decided not to proceed with the arrangement envisaged in the Scheme. ICRA has taken cognizance of the above and the rating remains unchanged at the earlier rating of [ICRA]A1+ as the company would continue with the existing corporate structure. Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description, Liquidity position, Rating sensitivities,: Click here Analytical approach Analytical Approach Comments Corporate Credit Rating Methodology Applicable Rating Methodologies Rating Methodology for Media Broadcasting Industry Impact of Parent or Group Support on an Issuer’s Credit Rating Parent / Group Company: RIL Group.
    [Show full text]
  • Annual Report 2017-18 Contents Corporate Overview Financial Statements
    India Watches Annual Report 2017-18 Contents Corporate Overview Financial Statements A message from the Chairman 02 Standalone We are TV18 04 Independent Auditor’s Report 100 Multiple channels. Multitude of experiences. 06 Balance Sheet 106 Watched by millions. Everyday. 08 Statement of Profit and Loss 107 Well integrated into India’s Statement of Changes regional landscape 10 in Equity 108 Nurtured through creativity, Cash Flow Statement 109 defined by excellence 12 Notes to the India watches TV18... anytime, Financial Statements 110 anywhere 18 Board of Directors 20 Consolidated Independent Corporate Information 22 Auditor’s Report 146 Consolidated Balance Sheet 150 Statutory Reports Consolidated Statement of Profit and Loss 151 Management Discussion & Analysis 24 Statement of Changes in Equity 152 Board’s Report 52 Consolidated Business Responsibility Cash Flow Statement 153 Report 76 Notes to the Consolidated Corporate Governance Report 83 Financial Statements 154 Notice Notice, Attendance Slip & Proxy Form 196 To view the online version of this report www or for other information log on to: www.network18online.com TV18 is more than just a brand to 700 million people who watch our channels and represent about 90% of television viewing universe in India. It is a brand that exudes trust. It informs, enlightens and entertains. TV18 brings to life the work of some of the world’s most talented anchors, journalists, story tellers and actors for its audiences. Its wide canvas brings together powerful personalities, global leaders, fresh ideas and topical subjects. It connects with viewers across India's diverse landscape through screens of every size and nature; whether on handhelds, of televisions or in cinemas.
    [Show full text]
  • Corporate Presentation Media & Investments
    Media & Investments Corporate Presentation FY19-20 OVERVIEW 2 Key Strengths Leading Media company in India with largest bouquet of channels (56 domestic channels and 16 international beams), and a substantial digital presence Market-leader in multiple genres (Business News #1, Hindi General News & Entertainment #2 Urban, Kids #1, English #1) Key “Network effect” and play on Vernacular media growth - Benefits of Strengths Regional portfolio across News (14) and Entertainment (9) channels Marquee Digital properties (MoneyControl, BookMyShow) & OTT video (VOOT) provides future-proof growth and content synergy Experienced & Professional management team, Strong promoters 3 Network18 group : TV & Digital media, specialized Print & Ticketing ~75% held by Independent Media Trust, of which RIL is Network18 Strategic Investment the sole beneficiary Entertainment Ticketing & Live Network18 has ~39% stake Digital News Broadcasting Print + Digital Magazines Business Finance News Auto Entertainment News & Niche Opinions Infotainment All in standalone entity Network18 holds ~92% in Moneycontrol. Network18 holds ~51% of subsidiary TV18. Others are in standalone entity. TV18 in turn owns 51% in Viacom18 and 51% in AETN18 (see next page for details) TV18 group – Broadcasting pure-play, across News & Entertainment ENTITY GENRE CHANNELS Business News (4 channels, 1 portal) Standalone entity TV18 TV18 General News Group (Hindi & English) Regional News 50% JV with Lokmat group (14 geographies) IBN Lokmat AETN18 Infotainment (Factual & Lifestyle) 51% subsidiary
    [Show full text]
  • Government Advertising As an Indicator of Media Bias in India
    Sciences Po Paris Government Advertising as an Indicator of Media Bias in India by Prateek Sibal A thesis submitted in partial fulfillment for the degree of Master in Public Policy under the guidance of Prof. Julia Cage Department of Economics May 2018 Declaration of Authorship I, Prateek Sibal, declare that this thesis titled, 'Government Advertising as an Indicator of Media Bias in India' and the work presented in it are my own. I confirm that: This work was done wholly or mainly while in candidature for Masters in Public Policy at Sciences Po, Paris. Where I have consulted the published work of others, this is always clearly attributed. Where I have quoted from the work of others, the source is always given. With the exception of such quotations, this thesis is entirely my own work. I have acknowledged all main sources of help. Signed: Date: iii Abstract by Prateek Sibal School of Public Affairs Sciences Po Paris Freedom of the press is inextricably linked to the economics of news media busi- ness. Many media organizations rely on advertisements as their main source of revenue, making them vulnerable to interference from advertisers. In India, the Government is a major advertiser in newspapers. Interviews with journalists sug- gest that governments in India actively interfere in working of the press, through both economic blackmail and misuse of regulation. However, it is difficult to gauge the media bias that results due to government pressure. This paper determines a newspaper's bias based on the change in advertising spend share per newspa- per before and after 2014 general election.
    [Show full text]