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Network18 Media & Investments Limited May 26, 2017 (Revised) Network18 Media & Investments Limited Summary of rated instruments Instrument# Rated Amount (in Rating Action Rs. crore) Commercial Paper Programme 1,000.0 [ICRA]A1+ re-affirmed Long-term borrowing programme 500.0 Upgraded to [ICRA]AAA (stable) from (Bank loan / Non-Convertible [ICRA]AA+ (stable) Debenture Programme) Long-term/ short-term fund based 500.0 Upgraded to [ICRA]AAA (stable) from limits/ non-fund based limits (enhanced from [ICRA]AA+ (stable)/[ICRA]A1+ re- 240.0) affirmed #Instrument details are provided in Annexure-1 Rating action ICRA has upgraded the long-term rating on the Rs. 500.0 crore1 long-term borrowing programme and the Rs. 500.0 crore, long-term/short-term fund based / non-fund based bank facilities of Network18 Media & Investments Limited (‘Network18’ or ‘the company’) to [ICRA]AAA (pronounced ICRA triple A)2 from [ICRA]AA+ (pronounced ICRA double A plus) and reaffirmed the short-term rating at [ICRA]A1+ (pronounced ICRA A one plus) for the bank facilities. The outlook on the long-term rating is stable. ICRA has also reaffirmed the [ICRA]A1+ (pronounced ICRA A one plus) rating on the Rs. 1,000.0 crore Commercial Paper programme of the company. Rationale The rating upgrade takes into account ICRA’s enhanced comfort from the fact that the media businesses (under Network18 and its subsidiary TV18 Broadcast Limited) is a key element to Reliance Industries Limited’s (RIL) ecosystem approach to digital outreach. Independent Media Trust (IMT), of which RIL (rated [ICRA]A1+ and Baa2 Positive by Moody’s Investors Service) is the sole beneficiary, holds a majority stake in Network18. Network18 Group has presence across diversified media segments and genres including television, films, publishing and internet, and is the largest investment of the RIL Group in the media and entertainment segment. ICRA also takes note of the scheme of amalgamation wherein the company proposes to merge its wholly owned subsidiaries with itself – subject to necessary approvals – which is expected to streamline the Network18 group structure and result in tax efficiencies. Network18’s earnings profile has been weak due to gestation losses from new channels in the broadcasting business and losses incurred in the non-broadcasting business such as e-commerce and digital content. ICRA expects the cash burn to continue over the medium term till operations of the new channels and the non-broadcasting businesses scale-up. With the broadcasting business contributing the bulk of the revenues for Network18 (consolidated), the revenue growth remains susceptible to cyclicality in advertisement revenues. Improvement in profitability on the back of prudent cost management and cash flows from ongoing investments in digital properties is a key rating sensitivity. 1 100 lakh = 1 crore = 10 million 2 For complete rating scale and definitions, please refer to ICRA's website www.icra.in or other ICRA Rating Publications Key rating drivers Credit strengths Strong parentage of Network18 and inherent synergies with the telecom venture of the RIL Group Holding company of the Network18 Group, with the television broadcasting business being present across diversified genres including news, general entertainment channels (GEC), music etc; and diversified media platforms including television, films, publishing and digital Credit weaknesses Gestation losses for new channels in broadcasting business; recovery in advertisement revenues for broadcasting business post impact of demonetisation shall be crucial Investment in television home-shopping business under TV18 Home Shopping Network Limited, remains a key drag on profitability Description of key rating drivers: ICRA derives strong comfort from the parentage of the Network18 Group, with RIL being the sole beneficiary of IMT which holds a majority stake in Network18. RIL is India’s largest private sector enterprise, present across the energy value chain apart as well as retail, oil marketing and telecom segments. The RIL management considers the media businesses as a key element for the Group’s telecom thrust and the media businesses are expected to benefit from synergies with the telecom venture and overall increasing 4G and broadband penetration. Network18 is the operating and holding company of the Network18 Group. Network18’s key direct and indirect investments include: TV18 (listed subsidiary), Viacom18 Media Private Limited (50-50 joint venture (JV) between TV18 and Viacom Inc.) and several other entities such as bookmyshow.com, moneycontrol.com and HomeShop18, engaged in the business of digital content and e-commerce. Amongst these investments, TV18- with a strong portfolio of channels across genres- is the most significant contributor to the Group’s revenues and is also the primary contributor to its operating profits. The standalone business profile of Network18 comprises revenues from the digital content, publishing and allied business segments. Currently, the company publishes four magazines-Forbes, Overdrive, Better Interiors and Better Photography. Apart from the gestation phase of a number of channels impacting the profitability, a sharp temporary pullback in spends by advertisers during the months of November and December 2016 due to demonetisation and subsequent slow recovery in advertisement spends adversely impacted revenues during the key revenue generating quarters of Q3 and Q4, with consequent impact on profitability. The management has nevertheless opined that advertisement revenues have started stabilising towards the end of Q4 FY2017 and are expected to be back on growth trajectory during FY2018 if macro-economic trends are supportive. This is expected to augur well for the profitability of the company. The company’s digital businesses are expected to continue to remain in the investment mode during FY2018, and meaningful revenues from the same are expected only from FY2019 onwards. Furthermore, profitability of the television home-shopping business faced significant challenges on account of increasing competitive intensity from e-commerce, poor spending appetite during November-December 2016 due to cash on delivery being significantly impacted and regulatory challenges including imposition of entry tax by several states. This led to the substantial losses for the business following which the management has taken corrective action through rationalisation of costs and change in product mix. Although the extent of losses are expected to reduce in future with focus on the bottom line, the management’s ability to turnaround the same shall be crucial. Analytical approach: ICRA has taken a consolidated view of Network 18 and its subsidiaries, including 51.16% major subsidiary, TV18 Broadcast Limited. ICRA has also factored in that RIL is the sole beneficiary of IMT which holds a majority stake in Network18. Links to applicable criteria Corporate Credit Ratings: A Note on Methodology Rating Methodology for Media Industry (Broadcasting Companies) Impact of Parent or Group Support on an Issuer’s Credit Rating About the company: Network18 Media and Investments Limited is a media and entertainment company with interests in television, internet, filmed entertainment, digital business, magazines, mobile content and allied businesses. Network18 manages various digital businesses, including portals such as moneycontrol.com, ibnlive.com, burrp.com, in.com and firstpost.com. It also operates digital e-commerce properties such as HomeShop18 and bookmyshow.com. In addition, Network18 is also present in the publishing segment and publishes Forbes India, Overdrive, Better Interiors and Better Photography magazines. Moreover, Network18 also has allied investments in Colosceum, Toppers, 24X7 Learning, Yatra, Ubona and other companies. Through its subsidiary, TV18, the Group operates news channels - CNBC TV18, CNBC Awaaz, CNBC Bajar, CNBC TV18 Prime HD, CNN News18, IBN 7, News18, IBN Lokmat (a Marathi regional news channel in partnership with the Lokmat Group) and 13 regional news channels under the brand ETV / News18 brand (including three new regional news channels, News 18 Kerela, News 18 Tamil Nadu and News 18 Assam / N.E launched in April 2016). TV18 also operates a JV with Viacom, called Viacom18 Media Private Limited, which houses a portfolio of entertainment channels — Colors, Colors HD, Rishtey, MTV India, MTV Indies, Comedy Central, Colors Infinity, Vh1, Nick, Sonic, Nick Jr, Teen Nick, Colors Infinity and various regional entertainment channels under the brand Colors, including various high definition (HD) feeds of entertainment channels; and Viacom18 Motion Pictures, the Group's filmed entertainment business. In May 2016, Viacom18 launched Rishtey Cineplex, a Hindi movie channel and VOOT, Viacom18’s exclusive digital video application in the over the top (OTT) space. AETN18, a JV between TV18 and A&E Television Networks, operates a factual entertainment channel History TV18, and has commercially launched another factual entertainment channel, FYI TV18, in July 2016. Status of non-cooperation with previous CRA: Not applicable Any other information: Not applicable Rating history for last three years: Table: S. Instrument Current Rating (FY2018) Chronology of Rating History for the past 3 years No. Type Amount Date & Date & Date & Date & Rated Rating Rating in Rating in Rating in (Rs. crore) FY2017 FY2016 FY2015 May-17 Aug-16 Jan-16 Jun-14 1 Commercial Short- [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ [ICRA]A1+ Paper term 1,000.0 Programme 2 Borrowing Long- 500.0 [ICRA]AAA [ICRA]AA+
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