Investment in new channel and Voot pull TV18 into Q1 loss

Devesh

Devesh

Core Member
TV18 Broadcast, a Reliance Industries Ltd group company, has slipped into net loss in the fiscal first quarter because of investments in new channel launches, CNN-IBN rebranding and the launch of video streaming service Voot. Building future businesses, the company posted a consolidated net loss of Rs 14.1 crore (Rs 141 million) in the quarter ended June compared to a profit of Rs 8.6 crore (Rs 86 million) in the year-ago period. Viacom18 launched Hindi movie channel Rishtey Cineplex and video streaming service Voot in May. It also launched HD channels in Kannada, Marathi and Bangla during the quarter. The aggregate operating loss attributed to these new initiatives in the consolidated results is at Rs 29.2 crore (Rs 292 million). TV18 bolstered its presence in the regional space with the launch of News18 Kerala, News18 Tamil Nadu and News 18 Assam/NE in April. For the three months ended in March, these three news channels reported operating loss of Rs 13.9 crore (Rs 139 million). Factual entertainment channel FYI TV18 incurred an operating loss of Rs 5.4 crore (Rs 54 million). While the channel was commercially launched on 5 July, the operating loss attributable to the channel has been included in the April–June quarter. FYI TV18 is part of AETN18 stable, a JV between TV18 and A&E Networks. During the quarter, the company incurred a one-time expense of Rs 3.5 crore (Rs 35 million) towards rebranding CNN-IBN as CNN News18.

Read more at: Investments in new channels and Voot pull TV18 into Q1 loss | TelevisionPost.com | TelevisionPost.com
 
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