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Viacom18 Media Private Limited Viacom18 Media Private Limited Instrument Amount Rating Action Commercial Paper/Short-term debt Rs. 500.0 crore [ICRA]A1+ assigned Programme Long-term loans Rs. 235.7 crore [ICRA]AA (stable) assigned Short-term, fund-based bank Rs. 200.0 crore [ICRA]A1+ assigned facilities Short-term, fund-based/non-fund Rs. 200.0 crore [ICRA]A1+ assigned based bank facilities Long-term/ short-term, fund-based/ Rs. 975.0 crore [ICRA]AA (stable)/ [ICRA]A1+ non-fund based bank facilities assigned ICRA has assigned a long-term rating of [ICRA] AA (pronounced ICRA double A) to the Rs. 235.7 crore long- term loans of Viacom18 Media Private Limited (Viacom18). ICRA has also assigned a short-term rating of [ICRA]A1+ (pronounced ICRA A one plus) to the Rs. 200.0 crore, short-term, fund-based bank facilities, the Rs. 200.0 crore, short-term, fund-based/non-fund based bank facilities and the Rs. 500.0 crore Commercial paper/ short-term debt programme of the company. ICRA has also assigned [ICRA] AA/ [ICRA] A1+ ratings to the Rs. 975.0 crore, long-term/ short-term, fund-based/ non-fund based bank facilities of the company. The outlook on the long-term rating is stable. The ratings factor in the strong parentage of its two joint venture partners, TV18 Broadcast Limited (rated [ICRA] AA+ (stable)/ [ICRA] A1+, with ultimate ownership of Reliance Industries Limited (rated [ICRA] A1+)) and Viacom Inc. (rated Baa2 (stable) by Moody’s Investors Service) providing significant financial flexibility. The ratings further take into account the company’s strong financial position characterised by a healthy capital structure, comfortable profitability, improving debt protection metrics and adequate liquidity as reflected in considerable undrawn bank limits. The ratings also favourably factor in the consistent leadership position of its Hindi general entertainment channel (GEC) – Colors which has supported healthy ad revenue growth. ICRA also takes note of the company’s strong and niche positioning in the youth, kids and English entertainment genres through brands such as MTV, Nickelodeon, Comedy Central and Vh1 respectively. Post the recent conclusion of the merger of Prism TV with the company on the appointed date of September 01, 2016 with effect from April 01, 2015, Viacom18 has added five regional GECs to its channel portfolio, thus gaining access to the significant growth potential of the regional GEC market. The company currently has a high dependence of revenues on a single channel, Colors; nevertheless ICRA draws comfort from the strong brand franchisee of the channel and the company’s efforts at diversification with the merger of Prism TV enabling it reduce its revenue concentration. The ratings factor in the high working capital intensive nature of the broadcasting business and the inherent volatility of revenues and profitability in the film production and distribution business. ICRA also factors in the significant investments in the new business segments such as its over-the-top (OTT) platform, VOOT and investments in recent channel launches, Rishtey Cineplex – a Hindi movie channel, Colors Infinity – an English GEC and Colors Super – a second Kannada GEC, which are likely to constrain profitability in the near-term. ICRA takes note of the risks inherent to the media and entertainment industry in terms of vulnerability of ad revenue driven business profile to cyclicality in advertising spends by corporates coupled with rising competitive intensity with increase in total number of channels in the mass content as well as niche segment. The company’s ability to drive revenues and profitability of its regional GEC portfolio and increase its subscription revenues through benefits from higher digitisation are the key rating sensitivities. Company Profile Incorporated in 1995, Viacom18 Media Private Limited (Viacom18) is a 50:50 joint venture between TV18 Broadcast Limited (TV18) and Viacom Inc. Viacom18 is present in the broadcasting space with presence across the Hindi GEC space as well as niche genres such as youth, kids and English GEC. In the Hindi GEC space, it operates channels such as – ‘Colors’, ‘Colors HD’ and ‘Rishtey India’, while it is present in the English GEC segment through ‘Comedy Central’, Vh1 and through a recently launched channel, ‘Colors Infinity’. In the youth genre, it has channels such as –‘MTV’ and ‘MTV Indies’, while in the kids genre its portfolio is represented by channels such as, ‘Sonic’, ‘Nickelodeon’ and ‘Nick Jr.’ The company also launched a Hindi movie channel ‘Rishtey Cineplex’ in May 2016 and also launched OTT platform ‘VOOT’. In addition, it also has 10 international channels in its portfolio to cater to the Indian diaspora across the globe. Further, the company launched second Kannada GEC ‘Colors Super’ and three regional HD channels in Marathi, Bengali and Kannada in the current fiscal. Viacom18 has recently concluded a merger of Prism TV Private Limited (a JV between Nickelodeon Asia Holdings Pte Ltd, a Viacom Inc. company, and TV18 Broadcast Limited) with itself, effective from April 01, 2015. This has added five regional GECs, Colors Kannada, Colors Marathi, Colors Bangla, Colors Gujarati and Colors Oriya to Viacom18’s portfolio. Viacom18 also has presence in film production and distribution business under a division viz Viacom 18 Motion Pictures. In addition to domestic film production and distribution, the company is also the sole distributor of all Paramount films in Indian subcontinent. IndiaCast Media Distribution Pvt Ltd (IndiaCast), a JV between Viacom18 and TV18 is a content asset monetization company which manages the distribution and monetization for channels of TV18 and Viacom18. Recent Results As per the audited FY2016 results, Viacom18 reported a profit after tax (PAT) of Rs. 139.2 crore on an operating income of Rs. 2,818.8 crore as against a PAT of Rs.168.5 crore on an operating income of Rs. 1,880.9 crore in FY2015. The results for FY2016 are not directly comparable to FY2015 since FY2016 financials include those of Prism TV merged with the company on September 01, 2016 with effect from April 01, 2015. October 2016 For further details, please contact: Analyst Contacts: Mr. Subrata Ray (Tel. No. +91 22 6114 3408) [email protected] Kinjal Shah (Tel. No. +91 22 6114 3442) [email protected] Jay Sheth (Tel. No. +91 22 6114 3419) [email protected] Relationship Contacts: Mr. L. Shivakumar, (Tel. No. +91 22 6114 3406) [email protected] © Copyright, 2016, ICRA Limited. All Rights Reserved Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents. Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001 Tel: +91-11-23357940-50, Fax: +91-11-23357014 Corporate Office Mr. Vivek Mathur Mobile: +91 9871221122 Email: [email protected] Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122002 Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91- 124-4050424 Mumbai Kolkata Mr. L. Shivakumar Mr. Jayanta Roy Mobile: +91 9821086490 Mobile: +91 9903394664 Email: [email protected] Email: [email protected] 3rd Floor, Electric Mansion A-10 & 11, 3rd Floor, FMC Fortuna Appasaheb Marathe Marg, Prabhadevi 234/3A, A.J.C. Bose Road Mumbai—400025, Kolkata—700020 Board : +91-22-61796300; Fax: +91-22-24331390 Tel +91-33-22876617/8839 22800008/22831411, Fax +91-33-22870728 Chennai Bangalore Mr. Jayanta Chatterjee Mr. Jayanta Chatterjee Mobile: +91 9845022459 Mobile: +91 9845022459 Email: [email protected] Email: [email protected] 5th Floor, Karumuttu Centre 'The Millenia' 634 Anna Salai, Nandanam Tower B, Unit No. 1004,10th Floor, Level 2 12-14, 1 & 2, Chennai—600035 Murphy Road, Bangalore 560 008 Tel: +91-44-45964300; Fax: +91-44 24343663 Tel: +91-80-43326400; Fax: +91-80-43326409 Ahmedabad Pune Mr. L. Shivakumar Mr. L. Shivakumar Mobile: +91 9821086490 Mobile: +91 9821086490 Email: [email protected] Email: [email protected] 907 & 908 Sakar -II, Ellisbridge, 5A, 5th Floor, Symphony, S.No. 210, CTS 3202, Range Ahmedabad- 380006 Hills Road, Shivajinagar,Pune-411 020 Tel: +91-79-26585049, 26585494, 26584924; Fax: Tel: + 91-20-25561194-25560196; Fax: +91-20- +91-79-25569231 25561231 Hyderabad Mr. Jayanta Chatterjee Mobile: +91 9845022459 Email: [email protected] 4th Floor, Shobhan, 6-3-927/A&B. Somajiguda, Raj Bhavan Road, Hyderabad—500083 Tel:- +91-40-40676500 .
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