Indian broadcaster NDTV posts Q3 loss as advertising woes persist

TV18 Broadcast

30/01/2024 11:41

BENGALURU, Jan 30 (Reuters) - India's New Delhi
Television Ltd (NDTV)  NDTV.NS , part of the billionaire Gautam
Adani-led Adani Group, reported a third-quarter loss on Tuesday,
as businesses cut back on advertising spending.
    Companies diverted advertising spends to the cricket world
cup during the quarter, hurting broadcasters that were
unaffiliated with the tournament. Advertising is the biggest
source of revenue for a broadcaster.
    NDTV's consolidated net loss stood at 95.5 million rupees
($1.2 million) in the three months to Dec. 31 against a profit
of 25.9 million rupees a year earlier. 
    Weak advertising spends have been hurting the news network,
which posted its fifth straight revenue drop in the December
quarter.
    Revenue fell 7% to 979.5 million rupees, while expenses
climbed one-fourth on a nearly 35% jump in production expenses
and cost of services.
    Rival TV18 Broadcast  TVEB.NS  had posted a quarterly loss
earlier this month.
    Another competitor Zee Entertainment  ZEE.NS , embroiled in
conflicts related to its failed merger with Sony's  6758.T 
India unit and licensing rights with Disney  DIS.N , will report
next month.
    NDTV had posted a profit in the September quarter, and
profit had last risen in June 2022.
    The Adani Group had taken control of the news network from
its founders in December 2022.
    
($1 = 83.1066 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((varunvyas.hebbalalu@thomsonreuters.com;))