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Network18 Media & Investments Limited (d/b/a Network18 Group) is an Indian media conglomerate owned by the Reliance Industries with 56.89% share headed by Mukesh Ambani and rest of 43.11% is equity holding[2]. Rahul Joshi is the managing director, chief executive officer and group editor-in-chief, and Adil Zainulbhai is the chairman of its board of directors.

Key Information

Incorporated in 1996 by Geeta and Rakesh Gupta, the company was acquired by Ritu Kapur and Raghav Bahl to be converted into a conglomerate holding company between 2003 and 2006. It oversaw one of the largest collections of media properties in India following its conversion but became encumbered with debt due to aggressive expansions. In 2012, the company entered into a debt agreement with Reliance Industries, through which it was granted a number of channels from the ETV Network. The agreement eventually enabled a hostile takeover of the company in 2014.

History

[edit]

1996–2007: Acquisition and restructuring

[edit]

SGA Finance and Management Services was incorporated on 16 February 1996,[3] as a private limited company by Geeta and Rakesh Gupta and acquired soon afterwards by Vidya Devi and Anil Jindal. The company had remained inactive without any clear prospects until it was later acquired by the promoters of Television Eighteen India Limited.[4]

The news broadcasting company Television Eighteen (TEIL) founded by Ritu Kapur and Raghav Bahl, became a public limited company in 1999 and its initial public offering (IPO) received an overwhelming response.[4][5] The investments through the IPO exceeded the target set by the company by a magnitude of over 50 times by the end of the year, raising ₹2,511 crore (equivalent to ₹31 billion or US$370 million in 2023) in the process.[6] This decreased the promoters' stake in the company from 75% to 26.11% by 2002 causing complications. The company was in the middle of preparations to launch a Hindi business news channel but could no longer meet regulatory guidelines.[4] TEIL was in a joint venture with CNBC since 1998,[7] and the news channel to be launched was called CNBC Awaaz.[8] The guidelines required the Indian promoters to have more than 51% stake in their company to be able to establish a new uplink for broadcasting.[4]

Production truck of CNBC Awaaz on the street (2006)

In 2003, SGA Finance was acquired by Ritu Kapur and Raghav Bahl, in to order to launch the channel and Bahl became its managing director. The company raised ₹5 crore (equivalent to ₹6.2 crore or US$730,000 in 2023) through two batches of investments from the two promoters in March 2003 and in January 2004, and then incorporated a subsidiary called SGA News.[4] In the meantime, the government introduced a 26% foreign equity cap in the news broadcasting industry. In response to the new regulations the joint venture with CNBC was discarded and the partnership converted into a content branding and franchise agreement.[7] In the financial year 2004–2005, TEIL invested ₹25 crore (equivalent to ₹31 crore or US$3.7 million in 2023) in SGA News for preferences stocks.[4] CNBC Awaaz was launched on 13 January 2005.[2]

In the financial year 2005–2006, TEIL supplemented its initial investment with an additional ₹39.10 crore (equivalent to ₹49 crore or US$5.7 million in 2023) in SGA News for common stocks. Following this, the boards of both the companies proposed a restructuring which received approval from the shareholders. The companies underwent several rounds of restructuring which came to a conclusion in November 2006. TEIL became a subsidiary of SGA Finance, the promoters gained a majority stake in TEIL, CNBC Awaaz was transferred to TEIL and shareholders of TEIL were accommodated with a stake in SGA Finance.[4] On 20 October 2006, SGA Finance was converted into a public limited company and re-incorporated as Network18 Fincap Limited.[3]

During the restructuring process, TEIL had also founded a subsidiary called Global Broadcast News (GBN).[4] GBN had entered into a franchising partnership with CNN Worldwide to launch the English general news channel CNN IBN in December 2005.[9] Bahl was able to convince several senior professionals working at the leading news broadcaster NDTV including their editor-in-chief Rajdeep Sardesai and the chief financial officer (CFO) Sameer Manchanda to join the enterprise before its launch.[10] Haresh Chawla, the CEO of TEIL and Network18 was instrumental in both convincing Sardesai to quit and Bahl to take on NDTV as their competition.[11] Due to the restructuring, Network18 instead of TEIL was allotted the shares of GBN and by the end of the financial year 2006–2007, Network18 held both GBN and TEIL as its subsidiaries; GBN operated CNN IBN and TEIL operating all the business news channels along with the information websites Moneycontrol and News Wire.[4] Network18 was converted into a public limited company in 2006, and listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in 2007.[12]

2007–2011: Expansion, consolidation and increasing debt

[edit]

Global Broadcast News (GBN), the subsidiary operating CNN IBN became a publicly traded company in January 2007 and its IPO generated a successful response, similar to that of Television Eighteen India Limited (TEIL).[4][5] GBN was renamed as IBN18 Broadcast,[13] and on 1 December 2007, Network18 Fincap itself was renamed to Network18 Media & Investments.[3] Network18 began diversifying with cross media interests in 2008.[14] It had high liquidity and expanded rapidly, it started the film production house called Indian Film Company (IFC),[11] launched the shopping channel Home Shop18,[13] and entered into an franchise agreement to launch the Indian edition of the Forbes business magazine,[15] while IBN18 Broadcast entered into a joint venture with the Marathi language newspaper Lokmat to launch the Marathi news channel IBN Lokmat,[16] and began a joint venture with ViacomCBS to initiate the group's foray in mass media and general entertainment channels under Viacom18.[17]

Network18 registered losses in the financial years 2008–2009 and 2009–2010. Its investments had outstripped the profits generated by its operational assets. In addition, the group had existing debt obligations and requirements for providing returns to its investors which resulted in net losses of ₹331.64 crore (equivalent to ₹412 crore or US$49 million in 2023) and ₹276.89 crore (equivalent to ₹344 crore or US$41 million in 2023) respectively. Viacom18 in particular was a drain on the company's funds. The financial statement of the company in 2009 had reported that it was retiring outstanding debt and raising funds through equity investments. In response to the financial challenges, the group began restructuring and consolidating its assets in the same year. IBN18 Broadcast was renamed to TV18 Broadcast and Television Eighteen India Limited (TEIL) which operated the business news channels of the company was merged into it.[13] The digital media and publishing operations were transferred to the parent company Network18 under the divisions of Web18 Software Services and Network18 Publishing respectively.[15][18][19]

In the financial year 2010–2011, Network18 registered a loss of ₹43.53 crore (equivalent to ₹54 crore or US$6.4 million in 2023), which was a considerable decrease from the previous two years and Bahl reportedly told the shareholders during the presentation of the annual report that "the best times are still ahead of us".[13] In 2010, Network18 went on to announce a new joint venture AETN18 with the American media company A&E Networks to launch History TV18, the Indian edition of History channel.[20] The company had also entered into a distribution joint venture with the Sun Network called Sun18. It had 2 divisions named Sun18 North and Sun18 South, the former was managed by Network18 and the latter by the Sun Network.[21] The joint venture was later restricted to Tamil Nadu and replaced by the TV18–Viacom18 distribution joint venture IndiaCast in 2012.[22] The consolidation of assets was completed by 2011 but it alone could not mitigate the financial challenges.[13] Over the past years, the market had changed rapidly, the group was facing increased competition from other broadcasters,[23] and advertising revenue had decreased due to economic downturn.[7]

2011–2014: Takeover by Reliance Industries

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Network18 had made optimistic projections for years but after 2011, it came to face a possible financial collapse and loss of control for its managing director Raghav Bahl.[13] The group had accumulated an outstanding debt of over ₹1,400 crore (equivalent to ₹17 billion or US$210 million in 2023) by September 2011.[24] Employees were convinced that the company had expanded too aggressively and the market could not support it. In search of assistance in the form of external financing, Bahl decided to begin talks with the multinational energy giant Reliance Industries.[11]

In November 2011, the CEO, Haresh Chawla resigned despite having been one of the founders of the media conglomerate.[11] According to company insiders, he was persistently trying to convince Bahl to not enter into a debt agreement with Mukesh Ambani and instead raise funds by divesting part of the group's stake in the subsidiary Viacom18.[24] In a later interview, he had commented that his resignation was an easy decision as he did not want anything to do with the Ambanis. According to a senior editor at the group, the decision to enter the talks was made reluctantly, as "[Bahl] was in a bind about entering a pact with the devil".[11]

Mukesh Ambani, the chairman of Reliance Industries Limited (RIL)

On 3 January 2012, Reliance Industries Limited (RIL) and Network18 announced a partnership.[6][25] Reliance Industries set up a body called the Independent Media Trust (IMT) and infused funds into the company through a number of shell companies as part of a complex financial transaction.[26] ₹5,400 crore (equivalent to ₹67 billion or US$790 million in 2023) was transferred to Network18 and TV18 Broadcast, half the amount to each respectively, of which Network18 received a net amount of ₹4,000 crore (equivalent to ₹50 billion or US$590 million in 2023) due to its stake in TV18.[27] The shell companies gained rights to debentures convertible to equity within 10 years.[26] RIL also forced Network18 to buy its stakeholding in ETV Network for a sum of ₹2,100 crore (equivalent to ₹26 billion or US$310 million in 2023) without which the net sum would have been for a much smaller amount.[24] The purchase also included two regional broadcasters; Panorama and Prism.[28] The acquisition included most of the television broadcasting properties of the Ramoji Group. The group retained the rights to ETV brand, while Network18 acquired 100% shareholding of 5 general news channels, 50% shareholding of 5 general entertainment channels and 24.5% shareholding in 2 other channels.[29] The entertainment channels were held by the joint venture of Viacom18.[30] One point of disagreement for Chawla had been in the valuation of ETV at ₹3,500 crore (equivalent to ₹43 billion or US$510 million in 2023) when the company was worth only ₹525 crore (equivalent to ₹652 crore or US$77 million in 2023) in March 2011.[31]

The transaction was completed in 2013,[14] and turned Network18 into the largest group of media companies in India, surpassing Star India owned by the billionaire media mogul Rupert Murdoch and The Times Group owned by the Sahu Jain family. The broadband subsidiary of RIL, Infotel signed a memorandum of understanding with the group and gained preferential access to its content.[25] In the form of a passive investor, RIL had indirect control over the company,[24] and authority over its financial decisions. The executives retained operational control of the company.[26] On 12 November 2012, IMT passed a resolution which allowed two senior officials from RIL to be appointed as additional trustees and Bahl lost further control within the trust. IMT held the option of converting the debentures to equity which could turn RIL into the majority shareholder of Network18.[26]

In 2013, Network18 had become debt free,[24] and RIL's investment had led to assumptions that it would not initiate any further cost cutting measures.[32] Viacom18 after being a drain on the network's finances for years had finished its long germination period and had entered into a period of exponential growth.[13] However, on 16 August 2013, the company carried out an unexpected large scale wage reduction and staff lay-offs which came to be known as "Black Friday" among the employees. In the news branches, the lay-offs included around 300 producers, journalists and other staff, who were fired in no recognisable pattern in terms of salary, seniority or branch.[32] There was ambiguity over severance packages and compensations and the human resources department was accompanied by executives of the RIL backed IMT in abrupt handing out of termination letters to employees without prior notice, who were then told to leave within 10 minutes.[33] This further led to job insecurity among employees, many of whom began applying for and were hired by competing news broadcasters in the following period.[32]

In the months of November–December, the network's coverage of Arvind Kejriwal started to become a source of contention with RIL and Ambani.[24] Kejriwal was the head of the India Against Corruption (IAC) movement and had made several allegations against various politicians and businessmen, including Mukesh Ambani.[24][26] His allegations against Ambani and RIL was over irregularities in pricing of natural gas in the Krishna Godavari Basin which received national media attention and was reported on by Network18 as well.[24]

RIL denied the allegation and reacted by threatening to file a lawsuit against Kejriwal but without any effect. Following which, the energy giant reportedly attempted to pressurise Network18 into censoring any and all coverage of IAC and Kejriwal including in March 2014, in a direct communication between Ambani and Rajdeep Sardesai, the managing editor of CNN IBN and IBN 7.[24] In the previous years, one allegation that had come up against Ambani was that he had bailed out Ramoji Rao in the Margdarsai chit fund scandal and in the process gained stake in Rao's ETV Network, the same company which RIL had forced Network18 to buy a stake in.[25] According to an anonymous insider present at a meeting between the executives of Network18 and RIL, the right-hand man of Ambani, Manoj Modi had threatened Bahl by stating "You are calling us a dacoit, you are shouting that we are crony capitalists. If that is so, then why did you come to us for money in the first place? Do you think you have a clean record?"[24]

Around the same time, the network increasingly began leaning right wing and attempted to publicise Narendra Modi as the prospective prime ministerial candidate with feature pieces and continuous reporting.[23][34] The network dedicated more hours than any other broadcaster to Modi and disproportionately more compared to other candidates.[23] The executives of Network18 were eager to repay the loan to RIL and get rid of Ambani's influence over the company.[24] Reports have suggested that the network's coverage of Kejriwal became the trigger for the company to initiate a takeover.[31] RIL communicated its intention to Bahl, offering him the option of continuing as managing editor with a ₹20 crore (equivalent to ₹25 crore or US$2.9 million in 2023) annual salary and gave him 3 days to make his decision. He rejected the offer and on 27 May 2014, announced in midst of a routine meeting with his board of directors that he was going to resign as RIL wanted to takeover and nothing could be done about it.[24]

The announcement caused an exodus of employees from the company which included senior journalists and executives. B. Sai Kumar (CEO) and Ajay Chacko (COO) resigned on 28 May 2014. From the following day, a stream of resignations started coming in while RIL released a press statement that it had gained complete control of the company, R. D. S. Bawa (CFO) and Ritu Kapur (co-promoter and one of the directors) resigned on the same day. The legal general counsel to the company, Kshipra Jatana resigned from her position but stayed on to oversee the transfer of ownership.[24] She was appointed as the manager of the company for the interim period since Bahl had resigned as well.[35]

Bahl and Kapur received ₹706.96 crore (equivalent to ₹879 crore or US$100 million in 2023) for RIL to acquire their remaining shares. The net valuation of the company was at ₹4,295 crore (equivalent to ₹53 billion or US$630 million in 2023), whereas the net cash flow for RIL stood at ₹1,341 crore (equivalent to ₹17 billion or US$200 million in 2023) in the multi year transaction between 2011 and 2014 including those related to ETV. RIL had mitigated costs in this period through returns from the investments in the two companies and from selling the shares it had acquired in Network18's subsidiaries themselves. It was noted that due to the structure of the transaction, RIL had in effect partly financed its takeover by raising funds from the company's own subsidiaries such as TV18 Broadcast.[26] The takeover process was completed on 7 July 2014; IMT and its sole benefactor RIL became the new promoters group.[36]

2014–Present: Reliance Industries era

[edit]

Following the takeover, Reliance Industries Limited (RIL) reshuffled the management and board of directors of both Network18 and its subsidiary TV18 Broadcast.[28] The nominees of the RIL backed Independent Media Trust (IMT) joined the board of Network18.[37] Deepak Parekh, the chairman of Housing Development Finance Corporation (HDFC) and Adil Zainulbhai were also inducted into the company as independent directors in the board.[37][38] While retaining the position of independent director at RIL and Larsen & Toubro, and being the newly elected Narendra Modi government's appointment to the position of chairman of Quality Council of India (QCI),[39] Zainulbhai was appointed by RIL to the position of chairman of the board.[40] Commentators raised concerns that the editorial integrity of the network may not be preserved under the new management. The channels of the network had stopped all coverage of Kejriwal and the new Aam Aadmi Party who had levied corruption accusations at RIL. The editor-in-chief of the flagship general news channel CNN IBN, resigned within a week of the takeover with the reason that the management was interfering in editorial decision making and dictating what could or could not be aired.[41]

A. P. Parigi, the former managing director and CEO of Entertainment Network India Limited (The Times Group subsidiary operating Radio Mirchi), was recruited by RIL and appointed as the new CEO of Network18 on 29 January 2015.[42] Parigi resigned as CEO and was moved to an advisory role in the company on 1 October.[43] Rahul Joshi replaced Parigi as the new CEO and was made the editor-in-chief of the group.[44] Joshi was the editorial director of The Economic Times, a financial newspaper published by The Times Group before he had resigned from the company to join Network18 in August 2015.[44] The editorial departments were unified with the operational and commercial divisions of the company, the chairman Zainulbhai stated that Pairigi had helped stabilise the operations and that Joshi would now run the company with an "ownership mindset".[43]

The acquisition of the company by RIL, the largest conglomerate in India with deep interests in the energy sector, was considered to be a part of a trend of growing commodification of information, detrimental to the treatment of journalism as a public service. It increased the concentration of cross media ownership in the hands of a small group of large corporate actors in a market that was already oligopolistic and reduced the diversity of information disseminating outlets. Control over the news organisation, had strengthened RIL's ability to influence the formation of public opinion and as a result the political economy of the country, and also decreased space for reporting which could be detrimental to the energy giant's interests and public relations.[45] Between 2014 and 2016, Network18 attempted to expand into regional markets of the news broadcasting sector with a spate of new channels, which was seen with apprehension among media observers. The expansion occurred as part of RIL's ₹150,000 crore (equivalent to ₹1.9 trillion or US$22 billion in 2023) investment in the rollout of its 4G data business.[46]

RIL had stated during the takeover that the acquisition would help in differentiating their 4G business through corporate synergy.[47] Infotel, the broadband subsidiary of RIL had been reincorporated as Reliance Jio Infocomm and was in the process of launching its data transfer business.[45] It was suggested that the synergy would alleviate stresses posed by unstable market conditions in the news broadcast industry,[28] while Jio would provide exclusive content from Network18 productions to increase traffic towards itself and expand its customer base. The synergy was however not adopted, according to analysts it was not financially beneficial to restrict content to only Jio customers and that Jio itself could be more profitable by being a content aggregator at competitive rates and still have a cost advantage due to its scale.[48] In 2016, Network18 undertook a rebranding operation, the IBN brand was phased out and replaced with News18, channels such as CNN IBN renamed to CNN-News18,[49] and IBN7 renamed to News18 India,[50] among others.[51] Earlier in December 2015, CNN Worldwide had finalised its decision to renew the franchise licensing agreement with Network18,[52] after a period of uncertainty.[9]

In May 2018, Cobrapost released a set of footages from a sting operation into several media organisations.[53] Network18 was one of the organisations featured,[53][54] and the sting displayed positive responses from senior marketing executives of the company to a proposition of entering into an agreement for undisclosed paid news to promote Hindutva political propaganda.[53] The executives included sales and marketing head of the group as well as the sales head of the ETV Network with the latter remarking that they were already pushing the ideology and would increase their efforts by 80–90% following the agreement.[55] The implications of the sting raised questions about media independence in India,[56] and was described as a part of a phenomenon where the separation of editorial and marketing departments of news organisations are increasingly blurred due to advertisement business models.[54] Several of the media houses denied the allegation put forth by the sting,[56] Network18 did not respond to it.[55]

On 9 July 2018, Joshi was elevated to the position of managing director while retaining the designations of CEO and group editor-in-chief. Kshipra Jatana who had officially held the designation of managing director since Bahl's resgination was removed from the position.[57] In 2019, Network18 initiated heavy cost cutting measures, increments and new hires were frozen while budgets for employing freelancers were greatly reduced. Newsrooms were demoralised as uncertainty grew among employees and outlets such as Firstpost which relied heavily on freelancers were severely affected in their operations. Economic slowdown had reduced advertisement revenues and the regional channels of the company had not been successful in their respective markets.[48] The group had registered losses in the financial years of 2016–2017 and 2017–2018.[28][58]

On 21 November 2019, RIL entered into talks with the Japanese multinational media conglomerate Sony Group for consideration over a number of potential deal structures including merger options, schemes for acquisition of a stake in Network18 or the acquisition of the entertainment assets of the company, among others.[59][60] On 28 November, Bloomberg broke the news that Ambani was also in talks with The Times Group to potentially sell off the entire media conglomerate as it was suffering from losses.[61] In response to the report, RIL released a statement describing it as "false and malicious".[62] The Times Group denied it but with an addendum that "[they] will explore all strategic options as they present". In the following period, Network18's business news website Moneycontrol published an article which claimed that the newly founded joint venture, BloombergQuint was on the verge of collapse.[48] The article was published 5 days after Bloomberg's report and was described as a retaliatory piece.[63]

In February 2020, RIL announced that it would consolidate its distribution and media businesses. The subsidiary TV18 Broadcast would be merged with Network18, which would acquire the cable distribution companies DEN Networks and Hathway Cable & Datacom as two wholly owned subsidiaries,[64][65] RIL held the two companies through an earlier acquisition in October 2018.[66][67] The merger would have converted the Network18 into an integrated media and distribution company.[68] The shareholding of the RIL in Network18 was projected to be reduced to 64% from 75% upon conclusion of the transactions in the merger operations.[69][68] According to some analysts, the consolidation would streamline the corporate structure of the company and make it a more attractive option for strategic investors,[70][71] while others stated that it decreased the likelihood of an agreement with Sony due to its key interest, the entertainment assets of Network18 becoming closely associated with the news operations, where there were restrictions over foreign ownership.[72]

In April 2020, the MD and CEO of Viacom18, Shudhanshu Vats resigned and Joshi took over his position as an additional charge.[73][74] The talks with Sony came to a finalised decision for a merger between Viacom18 and Sony Pictures Networks India in July. The merger was scheduled to be completed by the end of August,[75] Sony would obtain 74% stake leaving Viacom18 with 26% stake in the merged entity; Network18 and ViacomCBS would have around 13% in it respectively.[76] The plans for the merger was abandoned in October. The implementation of the consolidation with the distribution companies was itself delayed and eventually cancelled in April 2021.[77]

In October 2020, TV18 Broadcast reported an 148.2% increase in profit margins during the COVID-19 pandemic in India an nhd the company attributed it to "proactive measures on cost-control".[78] In a Right to Information (RTI) request response in June 2021, data released by the Uttar Pradesh government showed that the government's spending on television advertisements was at ₹160.31 crore (equivalent to ₹180 crore or US$21 million in 2023) between April 2020 and May 2021 with Network18 as its biggest beneficiary. Promotion of the Atmanirbhar Bharat campaign constituted a major portion of the spending and was made in the initial part of the year. Umashankar Dube, a journalist who had filed the RTI request had raised questions seeking answers to why the spending was made on television advertisements and not on relief efforts in midst of the pandemic but the Uttar Pradesh government's additional chief secretary of information refused to respond to queries on advertisement spending.[79]

Owned Assets

[edit]

Channels

[edit]
Channel Launched Language Category SD/HD availability Notes
CNBC TV18 1999 English Current Affairs SD+HD
CNN News18 2005 SD Previously known as CNN-IBN
News18 India Hindi Previously Known as IBN7, founded as Channel 7
CNBC Awaaz
News18 Rajasthan 2000 Previously known as ETV Rajasthan
News18 Uttar Pradesh Uttarakhand 2002 Previously known as ETV Uttar Pradesh/Uttarakhand
News18 Madhya Pradesh Chhattisgarh Previously known as ETV Madhya Pradesh/Chhattisgarh
News18 Bihar Jharkhand Previously known as ETV Bihar/Jharkhand
News18 Punjab Haryana 2014 Punjabi Previously known as ETV Haryana/Himachal Pradesh
News18 Odia 2015 Odia Previously known as ETV News Odia
News18 Urdu 2001 Urdu Previously known as ETV Urdu
News18 Kannada 2014 Kannada Previously known as ETV News Kannada
News18 Bangla 2014 Bengali Previously known as ETV News Bangla
News18 Gujarati Gujarati Previously known as ETV News Gujarati
CNBC Bajar
News18 Assam North East 2016 Assamese
News18 Lokmat 2008 Marathi
News18 Kerala 2015 Malayalam
News18 Tamil Nadu Tamil
News18 Jammu Kashmir Ladakh Himachal 2022 Kashmiri, Ladakhi
History TV18 2011 English
Hindi
Marathi
Tamil
Telugu 		SD+HD Joint Venture with A&E Networks

Magazines

[edit]

Digital Media

[edit]

Corporate affairs

[edit]

Ownership

[edit]
  • The group was acquired by Mukesh Ambani led conglomerate Reliance Industries in 2014. The acquisition occurred by maneuvering a complex deal through the Independent Media Trust (IMT), set up by Reliance Industries to issue a loan for the debt encumbered Network18 in 2012.[26][47] It resulted in Reliance receiving 78% of the shareholding,[47] and as of 2019, the conglomerate holds 73.16% of the shares.[80]
  • Teesta Retail is a private limited company which holds 1.85% shareholding of the group.[81] It is an arm of Reliance Industries Investments and Holdings and is listed in the promoters group shareholders of Network18.[82] The ownership of Teesta Retail is held by ten shell companies registered at the same address and with Reliance Industries domain names for their websites. The ten companies have listed directors of whom seven appear across all of them, who are also directors at various Reliance subsidiaries.[81]
  • Network18 is a public limited company and the public holdings constitutes around 25% of its shareholdings. Among major individual shareholders was the Chief Financial Officer (CFO) of Network18, Hariharan Mahadevan who held 1.11% of the shares as a part of the public in 2019.[81]
  • Currently, 56.89% is held by Reliance Industries and 43.11% in equity.

Management

[edit]

Ritu Kapur was the first director of the company after the resignation of the Jindals and was followed by Raghav Bahl,[4] who was the managing director of the company between 2003 and 2014.[24] Haresh Chawla is considered to be the founding CEO of the company.[83][84] He was appointed as the CEO of TV18 in 1999, having formerly worked at Times Music and Amitabh Bachchan Corporation.[6] Chawla became the first CEO of Network18 after it was acquired and converted into the holding company of TV18.[4][6] He resigned from the company in November 2011 before Network18 entered into a deal with Reliance Industries, publicly stating that he wanted nothing to with the Ambanis.[11] According to Raghav Bahl, the entire credit for enabling Network18 to establish a diverse variety of partnerships with the likes of CNN Worldwide, CNBC, Forbes, Viacom and History Channel belonged to Chawla.[7] The COO, B. Sai Kumar succeeded Chawla as the CEO of Network18, and resigned before the takeover of the company by Reliance.[85]

One of the directors at Reliance Industries and the Prime Minister of India's appointment to the Quality Council of India,[39] Adil Zainulbhai became the chairman of the board of directors of the company following the takeover.[40] Kshipra Jatana was the general counsel at the group and had resigned during the takeover. She remained associated with the company to oversee the transition,[24] and became the manager in the interim period.[35] A. P. Parigi was appointed as the new CEO of the company after Sai Kumar's exit and held the position until he was moved to an advisory position by Reliance Industries in October 2015.[42][86] Rahul Joshi, the editorial director at The Economic Times was recruited and appointed as both the CEO and editor-in-chief of the entire group following the takeover.[44][87] In 2018, Joshi was elevated to the position of managing director by the board and Jatana resigned from her position.[57]

Tenure Chairman of the Board Managing Director Chief Executive Officer Editor-in-Chief
2003–2011 (Non existent designation) Raghav Bahl Haresh Chawla (Independent editorial management)
2011–2014 B. Sai Kumar
2014–2015 Adil Zainulbhai Kshipra Jatana (non-directorial) A. P. Parigi
2015–2018 Rahul Joshi
2018–Present Rahul Joshi

References

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Network18 Group

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from Grokipedia
Network18 Media & Investments Limited is an Indian and that operates a diversified portfolio of television channels, digital platforms, and content production businesses spanning news, business news, and entertainment. Primarily controlled by Limited (RIL) with a 56.89% stake held through the Independent Media Trust (of which RIL is the sole beneficiary), the group reaches over 180 million weekly viewers via its broadcasting assets and boasts significant digital engagement, including Moneycontrol's 100 million unique monthly visitors and 1 million paid subscribers as of 2024. Incorporated on 16 February 1996 as a and listed on Indian stock exchanges in 2007, Network18's ownership structure was reorganized under RIL in July 2014, enabling expansion through subsidiaries like Broadcast Limited (operating News18 and -TV18 channels) and investments in (now a direct RIL subsidiary post-2024 merger), BookMyShow, and partnerships with global brands such as , , and . Key defining characteristics include its dominance in regional language news via 16-language channels under and a strategic focus on integrated media ecosystems, though its alignment with RIL's interests has drawn scrutiny for potential influence on in India's polarized media landscape.

History

Founding and Early Expansion (1993–2006)

Television Eighteen India Private Ltd (TV18), the precursor to the , was incorporated in September 1993 by as a television content focused on providing and financial programming for emerging channels in . Bahl, drawing from his experience in and , invested an initial Rs 50,000 from personal savings, supplemented by early funding from Consortium Finance and friends and family, to address the lack of localized content amid the liberalization of 's media sector. The company initially operated as a lean production house, creating programs for international broadcasters like and , capitalizing on the post-1991 economic reforms that spurred demand for financial news. By the late 1990s, TV18 transitioned from pure content production to channel ownership, launching India's first dedicated business news channel, (later rebranded ), on December 7, 1999, through a with NBC's division. This marked a pivotal expansion, positioning TV18 as a broadcaster amid growing cable and penetration, with the channel quickly establishing dominance in English-language . In parallel, Network18 Media & Investments Limited was incorporated in as a holding entity (initially under different promoters before acquisition by Bahl and associates), evolving to oversee TV18's operations and future diversification. The period saw further growth into regional and general news segments. On January 13, 2005, TV18 launched , India's inaugural Hindi business news channel, in a high-profile event attended by , targeting the underserved non-English speaking audience and broadening its market reach. Later that year, in December 2005, the group ventured into 24-hour English general news with CNN-IBN, a partnership with Turner Broadcasting, which expanded its portfolio beyond niche business coverage to compete in the burgeoning news genre. These launches, fueled by equity infusions and strategic alliances, transformed TV18 from a startup production firm into a multi-channel broadcaster by 2006, laying the groundwork for broader media dominance while navigating regulatory and competitive challenges in India's evolving television landscape.

Growth, Debt Accumulation, and Restructuring (2007–2011)

During this period, Network18 pursued aggressive expansion through strategic s and acquisitions to diversify into entertainment and digital media. In May 2007, it formed a 50:50 with Viacom Inc., named Media Private Limited, aimed at producing television, film, and digital content, including launches of channels like MTV India, , and ; Network18 committed $90.5 million in investment over three years. In December 2007, Broadcast, a key Network18 entity, acquired control of Infomedia India Ltd from ICICI Ventures, bolstering its publishing and data services arm. By 2008, launched the Hindi general entertainment channel , which quickly gained traction against competitors like Star Plus and . In 2010, Network18 entered another , AETN18, with A&E Networks to operate channels such as , further expanding its portfolio amid rising demand for niche content. This rapid scaling, however, fueled significant debt accumulation as revenues struggled to match investment outlays, exacerbated by the global financial crisis impacting advertising spends. By March 2011, Network18's consolidated debt approached ₹1,400 , roughly equaling its annual revenue, reflecting over-leveraged bets on media infrastructure and content production. To fund operations, the group raised ₹500 via a in 2009 and another ₹500 through in 2011, but these proceeds were largely directed toward further expansion rather than , pushing leverage ratios to unsustainable levels by late 2011. Facing mounting losses—reporting ₹43.53 in fiscal 2010–2011—Network18 initiated from 2009 onward, consolidating assets and implementing cost controls, including layoffs to streamline operations. A major 2011 equity involved complex preferential allotments and promoter infusions, which diluted minority shareholders and drew for opacity, though it temporarily stabilized flows without resolving core pressures. These measures highlighted internal financial strain but deferred a full resolution until external intervention in subsequent years.

Reliance Industries Acquisition (2012–2014)

In early 2012, Network18 Group, facing significant financial distress with consolidated debt exceeding ₹1,400 crore as of September 2011, sought bailout funding from Reliance Industries Limited (RIL), the conglomerate controlled by Mukesh Ambani. On January 3, 2012, RIL announced a complex multi-layered agreement involving the creation of the Independent Media Trust (IMT), through which RIL would inject funds to acquire stakes in Network18 and its subsidiaries, including TV18 Broadcast. The structure included RIL subscribing to zero-coupon optionally convertible debentures worth approximately ₹5,400 crore in promoter group entities of Network18, such as Colorful Media Private Limited and other holding companies controlled by founder Raghav Bahl. This infusion was designed to convert into equity, effectively transferring promoter control to IMT upon conversion, while complying with Indian regulations limiting cross-holding and foreign investment in media. The deal's implementation faced delays due to regulatory scrutiny from the Securities and Exchange Board of India (SEBI) and other approvals, extending over 30 months. During this period, RIL gained preferential access to content from Network18 and for its telecom ventures, including a content license agreement dated February 27, 2012, with Reliance Jio Infocomm (then Infotel Broadband). Critics raised concerns over potential conflicts of interest, as RIL's ownership could influence in Network18's news channels like CNN-IBN, though no of altered coverage directly attributable to the pending acquisition emerged during the interim. On May 29, 2014, RIL confirmed it would fund IMT with approximately ₹4,000 to acquire control, buying out Bahl's remaining stakes in promoter entities at nominal values after debenture conversions diluted existing equity. This culminated on July 7, 2014, when IMT completed the acquisition, becoming the promoter of Network18 and , with RIL as the primary beneficiary holding effective control. Post-transaction, RIL secured a 78% stake in Network18 and about 9% in , alongside triggering mandatory open offers to public shareholders. The acquisition consolidated RIL's media footprint, integrating Network18's , digital, and assets into its diversified portfolio, amid broader industry debates on corporate influence over .

Post-Acquisition Consolidation and Digital Pivot (2015–2023)

Following the 2014 acquisition by Reliance Industries Limited (RIL), Network18 focused on operational consolidation to address pre-existing debt from aggressive expansions, with RIL providing capital infusions that facilitated repayment of key obligations, including approximately Rs 1,300 crore in debt. This stabilization phase from 2015 onward enabled restructuring of broadcast and distribution assets, reducing redundancies across subsidiaries like Broadcast and integrating them more tightly with RIL's broader ecosystem. A pivotal consolidation occurred on February 17, 2020, when RIL announced the merger of Broadcast, Cable & Datacom, and [Den Networks](/page/Den Networks) into Network18 Media & Investments Limited, unifying media content, broadcasting, and cable distribution under one listed entity. The scheme, effective from an appointed date of February 1, 2020, diluted RIL's stake from 75% to approximately 64% through share swaps valued based on independent valuations, aiming to enhance efficiency and create a scalable, platform-agnostic media structure amid shifting consumer behaviors. Parallel to these efforts, Network18 accelerated a digital pivot, investing in online platforms to capture rising internet usage in . Digital revenues for TV18's segment, encompassing sites like Moneycontrol and , grew from Rs 58.63 in 2015 to Rs 68.58 by 2017, followed by a 23% jump to Rs 84.23 in 2018 and 14% to Rs 96.32 in 2019, reflecting expanded ad monetization and content diversification. Moneycontrol evolved into a leading financial data portal with tools for stock tracking and analysis, while emphasized video content to build audience engagement. By 2023, Network18's overall revenues reached approximately Rs 7,375 , with digital contributing significantly to a 20% year-over-year increase, underscoring the shift from traditional TV toward subscription and ad-supported online models.

Recent Mergers and Strategic Expansions (2024–Present)

In October 2024, Network18 Media & Investments Limited completed the merger of its subsidiaries and e-Eighteen.com Limited (E18), effective from October 3, 2024, with an appointed date of April 1, 2023. This restructuring consolidated TV18's television news channels under the News18 brand with E18's digital properties, including Moneycontrol and other online news platforms, into Network18's operations, creating an integrated omni-channel news entity focused on enhancing efficiency and content synergy across broadcast and digital mediums. As part of broader Reliance Industries-led media expansions, —previously promoted by Network18—merged with Disney's Star India on November 14, 2024, forming a valued at $8.5 billion, with Reliance and Viacom18 holding a 63.16% stake and Disney retaining 36.84%. This transaction combined extensive content libraries, sports rights (including IPL ), and streaming platforms like and , positioning the entity as India's largest by audience reach and revenue potential, though it marked a shift in direct control away from Network18's subsidiary structure. On December 30, 2024, Reliance Industries converted 246,133,682 compulsorily convertible preference shares (CCPS) in Viacom18 into equity shares, making Viacom18 a direct wholly-owned subsidiary of Reliance and ending its status as a Network18 subsidiary, as approved by shareholders to streamline ownership within the Reliance group. In October 2025, Network18 pursued regional expansion by acquiring 8.625 million equity shares and additional securities in , a Marathi-language news venture, to bolster its presence in non-Hindi markets; however, a board meeting on October 16, 2025, rejected full acquisition proposals, leaving partial ownership and limiting consolidation. This move aligned with Network18's strategy to diversify into vernacular news amid competitive pressures in India's fragmented media landscape.

Corporate Governance

Ownership and Control


Network18 Media & Investments Limited, the for the Network18 Group, has its equity shares majority-controlled by promoters holding 56.89% as of June 30, 2025. This stake is aggregated across entities within the promoter group, primarily managed through the Independent Media Trust (IMT) and affiliated companies under the oversight of Reliance Industries Limited (RIL). RIL, India's largest conglomerate by , exercises control via this ownership, enabling strategic direction and board appointments aligned with its interests. The promoter group's composition includes private limited companies such as Siddhant Commercials Pvt Ltd (4.468%) and Nexg Ventures Pvt Ltd (3.021%), alongside trusts and other vehicles traceable to RIL's . shareholding accounts for the remaining 43.11%, distributed among retail investors (approximately 36%), foreign institutional investors, and domestic mutual funds, limiting minority influence on key decisions. RIL's control originated from its 2014 acquisition, where IMT purchased stakes in Network18 and related entities for about $680 million, establishing promoter status and triggering open offers to public shareholders. Subsequent consolidations, including mergers of media assets into Network18, have reinforced this structure without diluting the promoter holding below majority levels. , RIL's chairman, oversees the group's operations indirectly through this framework, prioritizing synergies with RIL's digital and telecom arms like . No significant changes in ownership concentration have occurred as of September 2025, per quarterly disclosures.

Leadership and Management Structure

The of Network18 Media & Investments Limited, the for the Network18 Group, is chaired by , who was reappointed for a second five-year term effective July 5, 2025. Zainulbhai, a former managing director of McKinsey India and chairman of the , serves as a non-executive chairman, overseeing strategic while the company maintains operational independence under ' ownership structure. The board includes independent directors such as and Shuva Mandal, alongside non-executive representatives like from Reliance, ensuring compliance with regulatory requirements for media ownership in . Rahul Joshi serves as the managing director, chief executive officer, and group editor-in-chief, a role he has held since September 2015, directing overall editorial and business strategy across the group's television, digital, and publishing arms. Under Joshi's leadership, the management structure features segment-specific executives, including Avinash Kaul as CEO of Network18 Broadcast News and managing director of A+E Networks | TV18, who handles news channel operations. Karan Abhishek Singh leads the Hindi News Cluster as its CEO, focusing on regional language broadcasting. Supporting functions are managed by specialized roles, such as Ramesh Damani as group , responsible for financial oversight and reporting; Kshipra Jatana as president of legal affairs; and Shweta Gupta as and compliance officer. Puneet Singhvi was elevated to in a recent reorganization, overseeing centers of excellence, , partnerships, and group operations to drive digital and expansion initiatives. This layered structure aligns with the group's omni-channel model, where strategic decisions flow from the board to the MD/CEO, then to divisional heads, while adhering to cross-ownership regulations that separate editorial control from ' ultimate holding.

Business Segments

Television Broadcasting

TV18 Broadcast Limited, a key subsidiary of Network18 Group, manages the company's television news and business news operations, forming India's largest news network with 20 channels across 16 languages. This portfolio includes four business news channels, two national general news channels (one in English and one in ), and 14 regional channels targeting specific linguistic markets. Prominent channels under the News18 umbrella include for English-language general news, for Hindi general news, CNBC-TV18 for English business coverage, and for Hindi business news. Regional offerings encompass (launched 2014), News18 Tamil, News18 Kannada, and others, enabling localized content delivery to diverse audiences. These channels collectively reach millions of viewers, with and CNBC-TV18 frequently ranking among top performers in their categories based on (BARC) metrics. Historically, TV18 entered broadcasting in 1999 with , establishing a partnership with for content, followed by expansions into general news via in 2016 and the rebranding of regional channels under News18 starting around 2014. Distribution is handled through IndiaCast Media, a , ensuring wide carriage across cable, satellite, and digital platforms. In entertainment television, Network18's involvement historically centered on Media Private Limited, a 51%-owned entity operating channels like Colors (general ), MTV India, , and , which together formed a major Hindi and youth-oriented portfolio pre-2024. Following the November 2024 merger of with into a Reliance-majority valued at approximately $8.5 billion, operational control of over 100 channels shifted to the new entity, with (via Network18 stakes) holding a of about 63%. This structure allows Network18 indirect exposure to broadcasting while maintaining direct oversight of news operations, reflecting Reliance's strategy to consolidate media assets under centralized control.

Digital and Online Platforms

Network18 Group's digital portfolio encompasses leading online news platforms focused on business, general news, and analysis, serving as a cornerstone of its "digital first" strategy. The primary properties include Moneycontrol, a business and financial news site offering market data, stock tracking, and investment tools; News18.com, providing comprehensive coverage of national and international news across politics, sports, and entertainment; Firstpost, emphasizing in-depth opinion pieces and investigative journalism; and CNBC-TV18.com, dedicated to economic and corporate developments. These platforms operate in multiple languages, with content tailored for mobile and web audiences, and collectively form India's largest digital news network by reach. In March 2025, Network18's digital ecosystem recorded 183.2 million unique visitors, surpassing competitors like to claim the top position in India's digital news space according to Media Metrix data. By October 2025, the broader portfolio, including Moneycontrol, News18, , and CNBC-TV18, expanded to reach 270 million monthly users, driven by integrated content strategies linking digital and television assets. News18.com alone achieved 251 million unique visitors that month, outpacing . Engagement metrics remain strong, with Moneycontrol and leading in user interaction times per benchmarks. The group supports its digital offerings through dedicated mobile applications, such as the News18 app, which delivers , live updates, and categorized content in areas like , , and , available on Android and platforms with over 40,000 user ratings averaging 4.3 stars. Subscription services enhance monetization, notably Moneycontrol Pro, which crossed 1 million paying subscribers by October 2024, positioning it among the top 15 global news subscription platforms and India's largest by user base. This model leverages premium features like ad-free access, advanced analytics, and exclusive insights to build recurring revenue amid advertising volatility. Network18's digital platforms emphasize omni-channel integration, with 4 core online news sites spanning 13 languages to maximize and audience retention across demographics. In Q1 FY2025-26 (ending June 2025), the portfolio solidified its number-one ranking in combined reach, supported by first-party data strategies that improve and conversion rates.

Publishing and Print Media

Network18's publishing operations center on special interest magazines targeting niche audiences in automotive, photography, and sectors, rather than daily newspapers. The division, consolidated under in July 2012 through the of Infomedia18's assets, emphasizes high-quality content in print and digital formats. This aligned consumer magazines, business directories, and B2B titles like Search, Auto Monitor, Modern Machine Tools, Chemical World, and Modern Plastics under a unified entity, while separating printing activities. Prominent titles include , a licensed edition launched on December 1, 2009, which delivers business analysis, leadership profiles, and economic insights tailored to the Indian market. Overdrive, established as India's largest automotive publication, features vehicle reviews, industry trends, and mobility news, with a circulation reaching specialized enthusiasts. Better Photography, a monthly magazine since 2006, covers camera equipment, techniques, and for and photographers. Earlier publications such as Chip (technology), T3 (gadgets and lifestyle), and Better Interiors (design) were part of the portfolio but have been rationalized amid declining print advertising revenues and a pivot toward digital synergies. The print segment supports Network18's broader media ecosystem by providing branded content extensions, though it has incurred consistent net losses due to elevated operating costs relative to generation. Infomedia Press Limited, a wholly owned incorporated in 1955 and focused on commercial services, handles production for these titles and external clients, operating facilities in with a capacity exceeding 100,000 copies per hour. As of 2024, the group's print efforts remain secondary to and digital, reflecting industry-wide pressures from subscription declines and ad shifts, with no expansion into ownership despite earlier exploratory ties.

Investments and Ventures

Network18 Group engages in investments beyond its core media operations through its arm Capital18, which targets sectors such as , , and digital services. Capital18's portfolio has historically included exits via IPOs and acquisitions, such as Yatra Online and , with ongoing holdings in consumer-facing platforms. A key investment is BookMyShow, India's largest online ticketing and live entertainment platform, where Network18 holds a 39.2% stake as of the latest corporate disclosures. This position provides exposure to event ticketing, movie bookings, and experiential services, with the platform serving millions of users annually. Network18 has participated in multiple rounds for BookMyShow, including a 2016 reinvestment valuing the company over $440 million. Network18 maintains a 24.5% stake in Eenadu Television Private Limited (), a prominent Telugu-language broadcaster offering and channels. Additionally, it holds shares in Online Inc., an online , with 19,263,97 shares reported in recent , reflecting a strategic bet on digital travel recovery post-pandemic. In joint ventures, Network18 owned a 50% stake in , a Marathi news channel operated with the Group, until acquiring the remaining share in October 2025 for full control. Through Studio18 Media Pvt. Ltd., formerly linked to , Network18 retains a 13.54% fully diluted stake with indirect exposure to Jiostar—a post-merger entity holding over 100 channels and the JioHotstar OTT platform—via a 46.82% interest in Jiostar. Other allied investments include Colosceum Media Pvt. Ltd., a 100% focused on content production for and digital, though primarily integrated into core operations. These ventures diversify Network18's revenue streams amid media sector volatility, leveraging ' broader ecosystem for synergies in and consumer engagement.

Financial Performance

Network18 Group's consolidated revenue demonstrated volatility driven by strategic restructurings and market conditions. For FY2024 (ending March 31, 2024), operating revenue expanded by 49.4% year-over-year, propelled by robust contributions from and segments amid expansions in digital and sports verticals. This growth followed a base of approximately ₹6,221 in FY2023, reflecting recovery from pandemic-era disruptions. However, FY2025 (ending March 31, 2025) saw a sharp contraction of 25.9% to ₹6,887.92 , primarily resulting from desubsidiarisation processes that streamlined structures and reduced inter-company revenues, alongside persistent market softness. Profitability trends highlighted operational resilience amid net volatility from exceptional items. Consolidated EBITDA surged 154.3% to ₹364.81 crore in FY2025 from ₹143.46 crore the prior year, underscoring effective cost controls that lowered operational expenses by 34.3% to ₹4,193.01 crore despite revenue declines. Yet, net losses widened to ₹1,776.67 crore from ₹324.59 crore, exacerbated by a ₹1,435.79 crore exceptional loss tied to desubsidiarisation accounting adjustments. Standalone operations mirrored efficiency gains, with revenue edging up 4.3% to ₹1,896.21 crore and EBITDA climbing 86% to ₹33.5 crore, though net profit of ₹3,213.36 crore was inflated by ₹3,498.21 crore in gains from investment sales. Recent quarterly performance signals stabilization. In Q2 FY2026 (July-September 2025), standalone news segment operating rose 7% year-over-year to ₹477.2 , supported by subscription and event revenues offsetting weakness, while consolidated net profit turned positive at ₹41.2 versus a ₹152.3 loss in the year-ago quarter. Over the longer term from FY2021 to FY2025, consolidated grew at a compound annual rate aligning with overall expansion from ₹4,749 to around ₹7,375 , though punctuated by restructuring impacts. These patterns reflect a shift toward sustainable margins through diversification beyond traditional dependence.

Debt Management and Capital Structure

Network18 Media & Investments Limited's capital structure comprises debt, cash and cash equivalents, and equity attributable to owners, with a net gearing ratio of 0.59 as of March 31, 2025. Standalone total stood at ₹2,787.38 , primarily consisting of unsecured borrowings including ₹2,275.40 in commercial papers and ₹511.98 in loans repayable on demand, with no reported defaults in principal or interest repayments. This represented a slight increase from ₹2,552.71 in the prior year on a standalone basis, though consolidated declined significantly from ₹7,316.71 due to a effective October 3, 2024, which reduced obligations by ₹5,735 . The improved to 0.60 as of March 31, 2025, down from 1.76 the previous year, reflecting equity expansion to ₹4,671.84 driven by ' conversion of 24,61,33,682 compulsorily convertible preference shares into equity on December 30, 2024, and adjustments from the restructuring. Equity share capital rose to ₹771.00 (1,54,20,00,018 shares of ₹5 each), supported by promoter holdings of 52.41%. expenses totaled ₹213.42 standalone and ₹476.81 consolidated for FY 2024-25, serviced at rates between 6.62% and 9.75% per annum, with all borrowing covenants met. Debt management benefits from the company's strategic importance within Limited (RIL), rendering obligations insignificant relative to the parent's scale and providing financial flexibility for refinancing, as noted in rating affirmations. Liquidity remains constrained, with a of 0.22 and cash equivalents at ₹1.83–2.72 , supplemented by sizable unutilized limits as of September 30, 2024, and maintenance of high ratings such as CARE AAA (Stable). Structural changes, including the and media consolidations under RIL, have prioritized over aggressive operational generation, amid low net cash from operations.

Impact of Key Transactions

The acquisition of Network18 by Limited (RIL) in 2014, executed through Independent Media Trust with funding of up to ₹4,000 crore (approximately $680 million at the time), provided critical capital infusion that significantly reduced the group's consolidated losses, which had improved substantially from prior years amid pre-existing debt burdens. This transaction stabilized Network18's financial position by enabling debt servicing and operational continuity, though empirical analyses of post-merger financial ratios for RIL's involvement showed mixed results on overall profitability metrics like . In February 2020, RIL announced the merger of TV18 Broadcast Limited, Hathway Cable & Datacom Limited, and into Network18, creating an integrated media and distribution entity with projected consolidated revenue of approximately ₹8,000 ($1.1 billion). This restructuring eliminated inter-company debts, rendering Network18 net-debt free at the group level and reducing RIL's stake from 75% to 64%, while enhancing scale for cost synergies in content distribution and broadband services. The December 2023 all-stock merger of Broadcast into Network18, valued at $1.2 billion, further consolidated operations, aiming to boost revenue through expanded viewer reach and improved EBITDA margins from prior levels of 12-13%. Post-merger, public shareholding increased while promoter stake diluted to 56.9%, positioning the entity for greater market efficiency amid rising subscription incomes, which had grown 43-48% year-over-year in preceding quarters. These transactions collectively shifted Network18 from debt-laden fragmentation to a streamlined structure, though sustained profitability depended on cyclicality and digital transitions.

Controversies and Criticisms

Allegations of Editorial Bias and Independence

In 2014, Reliance Industries Limited (RIL) acquired effective control of Network18 Group through structured loans to its promoters via the Independent Media Trust, raising immediate concerns among journalists and media observers about potential erosion of due to the conglomerate's extensive business interests and perceived proximity to the (BJP)-led government. Critics, including former Network18 employees, alleged that RIL began exerting influence on newsroom decisions shortly after the takeover, such as directing coverage of the (AAP) during its Delhi election campaign, prompting fears of biased reporting favoring aligned political entities. RIL and Network18's then-chairman denied any editorial interference, asserting that operational autonomy was preserved. The acquisition led to high-profile resignations, including those of Network18's group CEO and other senior editors, officially attributed to disputes over plans (ESOPs) but widely interpreted as symptomatic of discomfort with the new ownership structure's implications for journalistic freedom. Subsequent analyses have pointed to patterns of in Network18 outlets, where coverage of corporate scandals involving RIL affiliates or government policies perceived as beneficial to Reliance was minimized, while critical reporting on opposition figures or regulatory scrutiny of conglomerates was subdued. Network18's news channels, such as News18 India and CNBC-TV18, have faced ongoing scrutiny for right-center bias, characterized by favorable portrayals of the Modi administration and limited adversarial questioning on economic policies impacting Reliance's sectors like telecom and . Independent media monitors have rated these outlets as questionably reliable due to occasional failed fact checks and story selection that amplifies narratives while downplaying issues like corporate or environmental regulations affecting RIL. Allegations persist that such tendencies stem from Network18's reliance on and regulatory approvals, fostering a "godi media" dynamic—termed by critics as lapdog —though RIL maintains that editorial decisions remain insulated from corporate directives. These claims, often voiced by outlets and journalists opposing the ruling establishment, highlight broader systemic risks in India's corporatized media landscape but lack conclusive evidence of direct RIL mandates, relying instead on anecdotal accounts and content pattern analysis. In 2012, Network18 Media & Investments Limited launched rights issues totaling approximately Rs 2,700 crore alongside TV18 Broadcast to fund media acquisitions, including stakes in Eenadu Television (ETV) channels. The Securities and Exchange Board of India (SEBI) subsequently investigated the transactions for alleged violations of the Issue of Capital and Disclosure Requirements (ICDR) Regulations, focusing on delayed disclosures, preferential funding via zero-interest convertible debentures routed through promoter entities, and potential circumvention of arm's-length principles in inter-company agreements. SEBI's probe, initiated post-2014 following Reliance Industries' structured investment gaining effective control, examined whether the funding—channeled via Independent Media Trust (IMT) to comply with 26% foreign direct investment caps in news broadcasting—adequately disclosed promoter influence and economic interests. The investigation culminated in a 2019 SEBI order directing further compliance, with Network18 settling the proceedings in March 2021 by paying Rs 1.55 crore as and settlement amount, without admitting or denying the findings. Critics, including market analysts, argued the opaque layered structure prioritized control over transparency, potentially enabling Reliance to exert influence exceeding regulatory limits on media ownership, though SEBI and the Ministry of Information and Broadcasting ultimately approved the arrangements as compliant. TV18 Broadcast, a key Network18 subsidiary, faced scrutiny from the (TRAI) over interconnection regulations, particularly retransmission of channels on multiple logical channel numbers (LCNs) in distribution platforms, which TRAI deemed a potential violation of mandatory rules. In responses to TRAI consultations and show-cause queries around 2020, TV18 defended its practices as aligned with platform-specific agreements and genre-based placements, avoiding fines but highlighting ongoing tensions in compliance amid evolving norms. No major penalties were imposed, but the episode underscored regulatory pressures on multi-platform channel positioning to prevent anti-competitive bundling.

Corporate Governance Disputes

In 2012, Reliance Industries Limited (RIL) acquired an initial minority stake in Network18 Media & Investments Limited through the Independent Media Trust (IMT), of which RIL was the sole beneficiary, prompting early concerns from the (CCI) that RIL thereby exercised indirect control over the Network18 group. This structure, involving trustees not directly affiliated with RIL but aligned through the trust's beneficiaries, led to allegations of inadequate disclosure regarding control acquisition under SEBI takeover regulations. Minority shareholders, including Victor Fernandes, challenged the transaction, contending that RIL's investments triggered mandatory open offers to public shareholders as early as January 2012, which were not made, violating listing agreement norms on change of control. They further argued that the subsequent 2014 consolidation—where IMT increased its stake to 73.1% in Network18 and made open offers for additional shares at approximately ₹62 per share—undervalued minority holdings and bypassed fair disclosure of RIL's board influence. These complaints highlighted risks in the layered trust mechanism, which obscured direct ownership while enabling RIL to appoint board nominees and shape strategic decisions without proportional minority input. In June 2018, the Securities Appellate Tribunal (SAT) directed the Securities and Exchange Board of India (SEBI) to reinvestigate the deal, remanding the matter for a fresh order after SEBI's initial clearance was contested for overlooking indirect control disclosures. The tribunal emphasized the need to examine whether RIL's trust-based entry diluted and complied with takeover code timelines. Although no final penalties were imposed following the probe, the episode underscored persistent unease over transparency in promoter-led restructurings at Network18, where RIL's holding now exceeds 64% post-mergers, with board composition reflecting Reliance priorities. Network18's annual reports affirm compliance with norms under , including independent directors, but critics attribute such assertions to the promoter's dominant influence.

Market Impact and Achievements

Reach, Audience Metrics, and Innovation

Network18 Group's television portfolio reaches over 180 million viewers weekly, commanding a exceeding 14% as of 2024-25. This dominance is evidenced by (BARC) data, where the network achieved an Average Minute Audience (AMA) of 202,636 in early 2025, positioning it as India's leading news broadcaster across languages. Flagship channels like maintain a 179% lead over competitors in English news viewership for weeks 27-30 of 2025, while CNBC-TV18 holds an 80.7% share in English business news. In , Network18 leads as India's top news network with monthly reach surpassing 300 million users across native platforms and as of Q1 FY2025-26. rankings for March 2025 show 183.2 million unique visitors (UVs) overall, with News18.com alone attracting 251 million UVs, overtaking . penetration stands at 54%, and Moneycontrol Pro has exceeded 1 million paying subscribers by October 2024, ranking among the top 15 global digital subscription platforms. The News18 app reported over 1 million monthly in October 2024. Network18 has advanced its media operations through , emphasizing a media-tech approach to enhance content delivery and user . Innovations include the 'Swipe' feature on its , which boosted monthly views by 13% in Q4 FY2024-25 by enabling seamless story . The group leverages for personalized content, achieving a 25% rise in audience metrics in , and explores generative AI to develop evolved products amid rising adoption of tools like . Cybersecurity enhancements feature Darktrace AI, making Network18 the first Indian media firm to deploy such autonomous threat detection for protection. These efforts support cross-platform consumption, with annual video views nearing 50 billion and 37% year-over-year growth.

Contributions to Media Landscape and Economy

Network18 Group has played a pivotal role in broadening access to news and information in by operating the country's largest omni-channel news network, encompassing 20 channels across 16 languages and reaching millions through television and digital platforms. This multilingual approach has democratized content delivery, particularly in regional markets, fostering greater public engagement with current affairs and business news via partnerships with international entities such as and . By 2024, its digital properties, including Moneycontrol, achieved over 100 million unique monthly visitors, solidifying Network18's position as India's preeminent digital news publisher and shifting consumption patterns toward integrated online experiences. In terms of innovation, Network18 has advanced the media landscape through a "Digital First, TV Always" strategy, unifying editorial, business, and technology teams to create seamless content ecosystems. Key developments include the 2022 launch of Moneycontrol Pro, which by 2024 amassed 1 million paid subscribers and ranked among the top 15 global news subscription services, introducing integrations for enhanced user value. The repositioning of as a global streaming service and the 2025 introduction of Creator18—a platform to scale creators across sectors—have further promoted diverse content production and international perspectives from an Indian viewpoint. These initiatives have influenced industry standards by prioritizing data-driven and hybrid broadcast-digital models, contributing to the evolution of media-tech hybrids in . Economically, Network18 supports the media sector by employing approximately 4,886 individuals as of March 2025, spanning roles in production, digital operations, and . Its news business generated ₹430 in operating during Q1 FY2025-26, reflecting resilience amid market challenges and bolstering the through high audience metrics and premium inventory. By driving digital subscriptions and creator support, the group has stimulated ancillary industries like content freelancing and ad tech, while its scale enhances overall media GDP contributions via elevated viewership—such as leading positions in genres like and CNBC-TV18 in —and efficient resource allocation in a competitive .

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