India's Network18 slips ahead of quarterly earnings

Network18 Media & Investments

17/10/2022 07:12

** Shares in Indian media conglomerate Network18 Media &
Investments  NEFI.NS  fall 1.1% to 66.45 rupees heading into its
September quarter earnings announcement later on Tuesday 
    ** Investor focus will likely be on Network18's expenses as
it spends heavily to attract more viewers in a crowded Indian
market
    ** Viacom18, a joint venture in which Network18 is a 51%
owner and home to Colors television channels and Voot streaming
service, has launched several new shows and three new sports
channels
    ** Network18 reported a consolidated net loss of 33.2
million Indian rupees ($403,088.73) in the June quarter and a
profit of 390.2 million rupees in last year's September quarter
    ** Viacom18 also recently bought the exclusive digital
streaming rights of the lucrative Indian Premier League cricket
tournament for the sub-continent for the next five seasons
    ** Network18 shares had lost a quarter of their value this
year, as of last close
($1 = 82.3640 Indian rupees)
 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))