Network 18 Media & Investments Ltd Management Discussions

FORWARD LOOKING STATEMENTS

Statements in the Management Discussion and Analysis, which describe the Companys objectives, projections, estimates and expectations, may be ‘forward-looking statements within the meaning of applicable securities, laws and regulations. Actual performance and/or results could differ materially from those expressed or implied. Important factors that could influence the Companys operations include geo-political and economic developments, demand and supply conditions in the industry, input prices, changes in Government regulations, tax laws and other factors such as litigation.

COMPANY OVERVIEW

Network18 Media & Investments Ltd. (Network18 or Company) is Indias largest news network, with presence across television, digital and other allied businesses. Network18 operates Indias largest TV news network of 20 channels, spanning business news (4 channels), national news (1 channel each in English and Hindi), and regional news (14 channels across India, including a joint venture - News18 Lokmat). Marquee brands like CNBC TV18, News18 India, and CNN News18 are part of this news bouquet. News18 International delivers India-centric news for the Indian diaspora and audiences across the globe.

Network18s digital portfolio comprises websites and mobile applications spanning general news, business and economy news, opinion pieces, and hyperlocal as well as global news. The portfolio includes leading digital platforms such as Moneycontrol, News18, CNBCTV18, and Firstpost. Some of the well-known print and online magazine brands like Forbes India and Overdrive are also a part of the Network18 portfolio. AETN18 Media Pvt. Ltd. (AETN18), a subsidiary of Network18, is a joint venture with A+E Networks which operates History TV18, a factual entertainment channel.

Network18 holds significant investments in some of the leading media brands of the country. It has 13.54%1 stake in Studio

18 Media Private Limited (earlier known as Viacom 18 Media Pvt. Ltd.) which holds 46.82% stake in JioStar, Indias largest entertainment and sports media company. Network18 is the largest shareholder (39.29%) in BookMyShow, Indias leading live events player and the largest ticketing platform for movies and events. It also holds 24.5% stake in Eenadu Television Pvt. Ltd. (ETPL), which runs a network of 7 news and entertainment channels in Telugu language. These investments give Network18 an edge compared to its peers.

OPERATING MODEL

Network18s operating model places the audience at the center and establishes a strong connection with them through its content. It reaches out to consumers through its diverse set of brands which operate across languages and mediums. This business model leverages the unique strengths of each of the operating segments and delivers customized content for audiences across different markets.

Impactful Reach

In todays landscape cluttered with excessive information, grabbing customers attention in the right context is becoming increasingly challenging. Network18s continuous focus on improving content quality and expanding reach enables it to establish a meaningful connect with its consumers.

Multi-Platform Availability

Network18 is committed to making its content seamlessly accessible to its diverse audience cohorts, wherever they are present, through platforms of their choice. This approach enables the Company to reach its audiences, regardless of their geographical location, language preference, or demographic cohort.

Strategic Collaborations

Network18 has a track record of forging successful strategic alliances with leading international companies like NBCU, CNN, A+E Networks, and Forbes. Other than enabling the Company to leverage the strengths of its partners, these collaborations also help it benchmark itself against global standards.

Brand Excellence

Network18s focus on driving the highest standards of creative excellence by fostering a culture of innovation has helped build brands like CNBC TV18, CNN News18, Moneycontrol and Firstpost, which have become synonymous with the segments in which they operate.

Network Synergies

Network18 is the only truly well-diversified media group in the country with presence across genres and geographies. Its breadth of varied properties, available across the country, facilitates cross-promotion and cross pollination of ideas and expertise, creating strong ‘network effects.

Thought Leadership

Network18 is steered by a team of experienced professionals who believe in excellence and experimentation. The Company has consistently taken a lead in pushing the boundaries of its creative framework and exhibited thought leadership in innovation and execution.

VALUE CHAIN

Network18 is present across the content creation and distribution value chain, delivering the best of Indian and global content to audiences across the country. The Company, along with its affiliates across the media value chain, provide a compelling value proposition for its increasingly ‘platform-agnostic viewers. Strong synergies in content creation and efficiency in distribution amplify the reach of Companys genre-leading brands, seamlessly delivering impactful ideas and immersive imagery to Indias vast and demographically diverse audience.

NEWS VIEWERSHIP GROWING ON BOTH TV AND DIGITAL

Several attention-worthy events during the year, including general elections, made news the only major genre to witness growth in viewership (+11% YoY) in 2024. News and sports genres have been able to consistently attract live viewership due to the nature of content and will therefore continue to remain the cornerstone of pay-TV offering in the future. There has also been a substantial rise in news viewership on digital platforms, a fact well-supported by the EY-DNPA March 2024 Report which states that more than 450 million people consume news on digital platforms every month, of which 341 million visit news sites of large legacy Indian news organizations and 170 million visit news aggregator platforms. As consumers prefer to remain updated about the latest happenings around them as well as maintain a nuanced view of the developments, they are increasingly adopting an omni-platform approach to stay informed on the go and gain an insightful view, shaped by expert opinions.

MONETIZATION MODELS WILL CONTINUE TO EVOLVE

As audiences seamlessly consume content across linear and digital platforms, the monetization models have started adapting to this new reality. As mentioned earlier, Television segment is slowing down and is expected to grow at 2% CAGR over 2024-27. However, the growth in digital is expected to compensate to a large extent for the same. As per the EY-DNPA Report, revenue of the Digital news segment was 25 billion in 2023, which is expected to grow by over 50% in 3 years to 40 billion in 2026. This presents a substantial growth opportunity for legacy news media organizations as they remain the most trusted source of news for audiences, as per the same report. The Digital news subscription market currently forms less than 10% of total revenue, which is expected to double by 2026. While news is primarily monetized through a free advertising-led model in the current scenario, there is a potential for building a subscription-based revenue model, especially in niche genres. The scalability of this model will depend on the capability of the broadcasters/ publishers in creating a differentiated product offering which delivers unique value to the consumer. While the Report projects TV advertising to be fiat next year, channels/networks capable of strengthening their viewership share and taking it up from the current levels, are likely to grow.

AIS INCREASING IMPACT ON MEDIA INDUSTRY

Accelerated development in the field of Artificial Intelligence (AI) is impacting nearly every sector, including the media industry. While it is still too early to predict how it will transform the sector over the long-term, media organizations are increasingly incorporating AI in their workflows for content creation, curation, and driving consumption. Content creation is one of the most rapidly expanding applications of AI. This increased usage presents both opportunities and challenges. AI is already being used for generating articles, summaries, reports, and videos at an unprecedented speed, it is also posing new challenges around accuracy, copyrights and sensitivity.

Furthermore, AI is adding a new layer to data analytics, providing valuable insights into audience behavior and enabling companies to deliver personalization to its consumers. From identifying trending topics and optimizing headlines to predicting stories that resonate with readers, it allows news organizations to be more responsive to audiences interests and needs. It is also helping in automation of repetitive and low involvement tasks, enabling organizations to focus more on actions that add tangible value to its audience. With continued developments in the technology combined with right human interventions, AI is likely to become even more integrated into the newsroom.

FINANCIAL AND OPERATIONAL PERFORMANCE

FY 2024-25 was a remarkable year for Network18 as it established itself as the clear #1 player in the news segment, with leadership in both TV and Digital. Network18 was Indias #1 TV news network with leadership in all national genres and several regional markets. Digital news network also made significant progress, recording highest monthly UVs (Unique Visitors) at portfolio level compared to peers. Platforms like Moneycontrol and Firstpost established clear leadership in their segments while News18 also saw a strong consumer traction. Network18s operating revenue grew 4.3% YoY despite continued weakness in the advertising environment throughout the year. The growth was primarily driven by strong operating metrics which helped drive advertising revenues. O -platform video revenue also grew while TV subscription revenue remained stable. Given the muted revenue environment, the Company maintained tight control on expenses, which grew by 3.5% YoY. Operating profit of the Company increased marginally but the Loss Before Tax increased slightly due to higher finance and depreciation costs.

	Standalone			Consolidated
	FY 2024-25	FY 2023-24	Y-o-Y	FY 2024-25	FY 2023-24	Y-o-Y
SUMMARY P&L ( crore)
Operating Revenue	1,896.2	1,817.7	4.3%	6,887.9	9,297.5	(25.9%)
Operating Expenses	1,862.7	1,799.7	3.5%	7,218.2	9,961.6	(27.5%)
Operating EBITDA	33.5	18.0	86.0%	(330.3)	(664.2)	(50.3%)
Other Income	16.8	18.7	(10.4%)	470.7	697.0	(32.5%)
Finance Cost	213.4	186.2	14.6%	476.8	322.4	47.9%
Depreciation	121.7	101.0	20.4%	223.3	210.1	6.3%
Profit of JV / Associates	-	-		224.5	110.7	102.8%
Profit Before Exceptional Items and Tax	(284.8)	(250.5)	NM	(335.3)	(389.0)	NM
Exceptional Item – Income/(Loss)	3,498.2	-		(1,435.8)	0
Profit Before Tax	3,213.4	(250.5)	NM	(1,771.1)	(389.0)	NM
Tax	-	(65.1)	NM	5.6	(64.4)	NM
Profit After Tax	3,213.4	(185.4)	NM	(1,776.7)	(324.6)	NM
Non-Controlling Interest	-	-	-	(89.7)	(118.3)	NM
PAT After Non-Controlling Interest	3,213.4	(185.4)	NM	(1,687.0)	(206.3)	NM
KEY RATIOS
Current Ratio	0.22	0.24	(7.4%)	0.26	2.16	(88.0%)
Debt Equity Ratio	0.60	1.76	(66.1%)	0.59	0.49	20.4%
Interest Coverage Ratio	(0.42)	(0.45)	NM	0.22	(0.32)	NM
Inventory Turnover	-	-	-	-	-	-
Debtor Turnover	3.16	3.43	(7.8%)	5.69	6.08	(6.4%)
Operating Profit Margin	1.8%	1.0%	78.3%	(1.5%)	(6.0%)	NM
Net Profit Margin#	(14.9%)	(10.1%)	NM	(4.6%)	(3.3%)	NM
Return on Net Worth#	(8.1%)	(12.7%)	NM	(3.1%)	(2.6%)	NM

#Excluding Exceptional Items

Due to rounding, numbers presented in this table may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures NM - Not Meaningful

The Composite Scheme of Arrangement amongst Viacom 18 Media Private Limited ("Viacom18") [now known as Studio 18 Media Private Limited] and its shareholders and creditors & Digital18 Media Limited (‘‘Digital18) [now known as Digital18 Media Private Limited] and its shareholders and creditors and Star India Private Limited ("Star India") and its shareholders and creditors ("Scheme") became effective on 14th November, 2024. The Scheme provided for: (i) transfer and vesting of Media Operations Undertaking from Viacom18 to Digital18 on Slump Sale basis; (ii) transfer and vesting of Jio Cinema Undertaking from Viacom18 to Digital18 on Slump Sale basis; and (iii) demerger, transfer and vesting of Viacom18 Undertaking from Digital18 to Star India on a going concern basis. Also, as part of this transaction, the Company sold the shares held in IndiaCast Media Distribution Private Limited ("IndiaCast") to Viacom18 and IndiaCast ceased to be a subsidiary of the Company.

Separately, Reliance Industries Limited converted the 24,61,33,682 compulsorily convertible preference shares held by it in Viacom18 on December 30, 2024 post approval of the Network18 shareholders at the AGM held on 19th December 2024. Consequently, Viacom18 has ceased to be a subsidiary of the Company and has become an associate of the Company. Accordingly,

1. Income of 3,498.2 crore being gain on sale of shares held in Indiacast and the impact of excess of fair value of holding in Viacom18 over the historical carrying cost has been disclosed as Exceptional items in the Standalone Financial Results.

2. Network18 Group has recognized loss of Rs. 1,435.8 crore, upon derecognition of net assets including goodwill, carrying value of non-controlling interest in those subsidiaries and recognition of investment retained in Viacom18 at fair value and sale consideration of the investment in Indiacast, which has been disclosed as Exceptional items in the Consolidated Financial Results. Accordingly, the figures for the corresponding previous periods are not comparable.

OUTLOOK

M&E sector is at an important point in its growth journey, with Digital taking over Television as the largest medium in terms of revenue. This transition is driven by the unleashing of smartphone and internet revolution, which has equipped consumers around the world to have seamless and round the clock access to content on their screens. Coupled with the inherent need for consumers to stay informed and be entertained, the M&E sector is poised for long-term growth. Additionally, the sector is also expected to benefit from Indias projected economic growth and rising disposable incomes over the medium to long term.

As ever, quality content remains at the center of this industry, with wide availability and seamless viewing experience serving as two critical factors for attracting and retaining consumers. With democratization of content creation, the sheer volume of content being created is reaching a new high every day. While this brings opportunities, it also presents various challenges. The issue of content discovery, factual accuracy and a safe environment for brands to advertise in are some of the challenges that are becoming critical. Network18 views these challenges as avenues for enhancing its credibility and accelerating growth. Leveraging its robust infrastructure for news gathering and efficient systems that ensure accuracy, the Company provides trustworthy, high-quality content that resonates with the audiences, fortifying its market position and fostering consumer trust. Our widespread presence, across both TV and Digital mediums and multiple touch points, puts us in a strong position to serve consumers across platforms of their choice. Our goal is to consistently engage with our audience through content that resonates with them. While digital will drive future growth for the Company, we are seeing improvement in viewership across several regional television markets, highlighting their potential as drivers of growth. Aligned with our strategy for long-term growth, we are making sustained investments to fortify our current position while continuously building capabilities for the future.

OPERATIONAL OVERVIEW

GENERAL NEWS

News18 India was the No. 1 Hindi News channel2 last year and delivered unmatched coverage of General Elections 2024, the biggest news event of last year. The channel brought to viewers exclusive interviews, special programming, and fastest updates on counting day, establishing itself as the ultimate destination for election news. The channel also lined up an extensive coverage of the Assembly Elections of Andhra Pradesh, Odisha, Maharashtra, Jharkhand, Haryana, Delhi, and Jammu & Kashmir, with an array of dynamic and innovative programming. From getting the pulse of the public to assessing the electoral mood of every seat, News18 India brought in-depth and comprehensive coverage of elections to its viewers.

The channel executed multiple conclaves, including its flagship News18 India Chaupal and Amrit Ratna, featuring a veritable whos who of Indias top faces across multiple fields. The channel also launched Diamond States Summit across Madhya Pradesh, Chhattisgarh, Maharashtra, Uttarakhand, Haryana and J&K. News18 Indias coverage of Maha Kumbh featured breathtaking visuals, insightful reporting, and exclusive discussions.

CNN News18 completed an outstanding achievement by being the No. 1 English news channel for three consecutive years.3 The channel delivered extensive and comprehensive coverage of elections – national, state and global. Battle for Bharat covered General Elections, providing viewers with in-depth analysis and real-time updates on the countrys most crucial democratic event. This was followed by an extensive coverage of state elections and detailed coverage of the US Elections.

To kickstart thought-provoking conversations and set the agenda for discussion in the country, CNN News18 launched high-impact campaigns. Amongst these were the Go for Gold India campaign which rallied support for Indian athletes for the Paris Olympics and the Right to Breathe campaign which put spotlight on the rising pollution crisis. Channels marquee IPs like Indian of the Year 2024 captivated audiences with compelling content and celebrated individuals who secured remarkable achievements across diverse fields, while also bringing together key newsmakers, entertainers, sportspersons and business leaders.

The channel also launched a revamped viewing experience for its audience with a fresh, clutter-free screen design. The tagline, ‘Makes Sense, further showcases the channels dedication to delivering facts, insights, depth and clarity in news without noise.

CNBC TV18 completed 25 years of excellence, driven by its relentless pursuit of insightful business journalism, impactful analysis, and thought leadership, while empowering viewers along the way. As it enters the next phase of its journey, the brand remains Indias foremost choice for business and financial news, commanding an impressive 90%+ market share.4 With its deep analysis, exclusive insights, and cutting-edge reporting, the channel is crucial to understand Indias fast-changing business and economic landscape.

CNBC TV18 continues to be Indias channel of choice for decoding one of its biggest annual financial events - the Union Budget. Featuring insights from top industry leaders, investors, and policymakers, the coverage highlighted Indias opportunity to drive consumption-led growth amid global volatility, the coverage dominated the viewership charts with 88.4%5 market share. Indias longest-running show on entrepreneurship, Young Turks Re-loaded, spotlighted disruptive startups, visionary founders, and the next wave of business innovation. Market-focused shows like Bazar Open Exchange, NSE Closing Bell, Trading Hour, continued to meet the real-time information needs of our growing audience with engaging content.

A flagship event - Global Leadership Summit, was launched to commemorate CNBC TV18s 25-year journey, bringing together visionaries and changemakers to discuss Indias ascent to global leadership. Future. Female. Forward returned with its third season, driving impactful conversations on gender parity. This year, India Business Leader Awards celebrated its 20th edition under the theme - Leadership in Action, honoring corporate Indias most in uential leaders and their contributions to business and the economy. Meanwhile, we successfully concluded the second season of SME Champion Awards, celebrated and recognized as the backbone of the Indian economy, through extensive editorial programming and on-ground initiatives.

CNBC Awaaz celebrated 20 years of influence as Indias leading Hindi business news brand, delivering cutting-edge news, analysis, and insights to empower consumers. The channel helps its audience make informed financial decisions and grow their wealth. Its notable coverage included Diwali and Mahurat trading, General Elections, and the Union Budget 2025, featuring prominent industry experts, market veterans, and corporate leaders sharing their perspectives on key economic and market trends. Strengthening its commitment to financial education, the channels e-learning initiatives like Market Gurukul, F&O Gurukul, Start-Up Gurukul, and Commodity Gurukul, have reinforced CNBC Awaazs role as a trusted guide in financial journey.

CNBC Bajar continues to be the most trusted source for market insights, financial news, and investment strategies, tailored for Gujarats thriving investor and business community. With its unique content mix and extensive ground reporting, it has established itself as the preferred channel for Gujarati speaking audience.

Network18s regional news portfolio delivered an impressive growth during the year, driving the network to its highest viewership share. andNews18 Bangla climbedNews18 toLokmat leadership positions News18 Bihar/Jharkhand, News18 UP/UK, News18 , maintained #1 ranks in their respective markets.

Gujarati

News18 achieved a significant milestone by climbing toBangla the #1 position in the Bengali news genre during the year, a result of a strategic programming revamp and strong commitment to quality journalism. The channels success is driven by a sharp focus on local issues, particularly those affecting underrepresented communities in semi-urban and rural regions. News18 Bangla organized 16 events across West Bengal during the year, including

Dashobhujaflagship initiatives – The such Womenas Achievers Awards, Healthcare Summit. and Leadership Conclave 2024,

News18 was anotherLokmat success story, rising to the leadership position as the voice of Maharashtra, through its accuracy, reliability, and integrity. The channels new look with a robust lineup of prime time shows and anchors, and its extensive coverage from rural and urban parts of the state, served as key factors behind its success. News18 Lokmats Agenda gave a Maharashtra platform to state leaders and government offcials to share their vision of the state and express their views on various issues.

News18 delivered a sharp turnaround in performance,Kannada rising to a strong #2 position from #5 at the beginning of the year. Its superlative coverage of breaking stories and reporting of key news stories with impact were the key drivers of success. Several prominent events were executed by the channel during the year including Rising Karnataka, Varshada Kannadiga - Kannadiga of the Year, Agenda Karnatakaetc.

News18 has beenGujarati dominating the ratings in Gujarat and maintained a leadership position for the past 2 years. As the most-viewed news channel on digital platforms, it has cemented its position as the most popular news platform in Gujarat. News18s serves as a platform for state ministers toRising Gujarat share their vision of the state.

News18 Tamil Nadus breaking news, in-depth investigations, real-time updates and comprehensive coverage of events powered the channels strong growth in viewership share during the year. Coupled with its digital presence, it is one of Tamil Nadus most Magudam,trusted news sources. The channel executed events like Sigaram Thoranam Aaiyiram to engage with the community.and

hasNews18 a strongKeralam digital presence and was the second-ranked channel in terms of video views. The channel organized honoring achievers in the fields ofMalayali of the Year, cinema, culture, and sports.

News18 Assam Northeast was at the forefront of news coverage, consistently delivering in-depth reports on major stories. The channel provided extensive on-ground reporting and spearheaded several flagship events like Education Eminence 2024, Healthcare Summit, and Srimoyee Awards.

News18 Odia was the No. 2 channel in the Odia news genre and curated numerous impactful events, including Atmanirbhar Odisha – Leadership Awards and Healthcare Summit.

Amongst our HSM regional news channels, News18 Bihar-Jharkhand6 and News18 UP/UK have been consistently #1 for some time now. On the day of Lok Sabha election results, News18 UP/UK, News18 MP/CG and News18 Rajasthan secured No. 1 positions in their respective regions, proving their dominance in election coverage.7 State-focused channels, operating in states with assembly elections, featured special programming dedicated to the elections. For instance, News18 Jammu Kashmir Ladakh Himachal mounted extensive coverage of J&K assembly elections. News18 Rajasthan and News 18 MP/ Chhattisgarh aired shows across multiple formats including studio debates, travel shows such as Chunaav Express, and on-ground reporter-led shows like Kehta Hai Voter etc., resulting in improved viewer engagement. Other than this, these channels also hosted several election-related events which saw participation by prominent state politicians. Marquee events were executed by the regional HSM channels, including Rising Madhya Pradesh and Rising Rajasthan, each graced by the respective Chief Minister who shared their vision for growth and development. Additionally, events such as Prominent Punjabi, NRI Conclave, Education Conclave, Real Estate Conclave, Health Conclave, Mathrubhumi Ke Gaurav, Chhattisgarh @25, E-Commerce Summit 2.0, Shekhawati Ke Ratna, Uttarakhand Titans, Young Achievers, Gaurav Samman, and many more were successfully executed, recognizing achievers from different fields across various states.

DIGITAL

Network18 became Indias #18 digital news/information publishing platform across devices with ~185 million monthly unique visitors, implying a reach of 35%+ amongst internet users. To become a one-stop digital destination providing a seamless experience to its users, the Company is continuously expanding editorial coverage across its portfolio and is constantly upgrading its technology infrastructure.

Moneycontrol is Indias leading destination for everything related to economic news, corporate developments, and financial markets. It provides an in-depth and actionable analysis, supported by insights shared by the sharpest minds from the business and finance industry. Moneycontrol has a strong connect with its users, exempli ed by the platform engagement metrics. The platform had around 2x page views and time spent compared to its closest competitor in the last quarter of the fiscal.

Moneycontrol continues to deliver value to its audience and has been at the forefront of providing advanced data, tools and insights, enabling easy and relevant decision-making for its users. Over the last year, Moneycontrol added several new features to serve its consumers better. A new Mutual Fund page was launched which gives users access to the details of top Fund Managers, AMCs, Sectoral Funds, and other insights. As ETFs gained popularity, the platform added a section which provides historical returns, components, peer details, and risk and return ratios of various ETFs. The new ‘Portfolio Score feature rates equity portfolios on parameters of quality, diversification and momentum. New ‘Technical Scanners give Moneycontrol users access to 250+ scanners to lter stocks basis various parameters and provide actionable ideas. Additionally, Moneycontrol has also widened its scope of Global markets, extending its coverage to include bonds, currencies and commodities.

Moneycontrol Pro reached a major milestone as it crossed 1 million paid subscribers. It was ranked 11th worldwide, ahead of several marquee global companies, by a renowned UK media publication9 in its 2025 list of top news publishers by digital subscribers. With its expert analysis and investor-first features, Moneycontrol Pro is a trusted destination for deep insights into Indias capital markets.

The year gone by marked a transformative year for Moneycontrols ‘fintech offerings as we took big strides in building a robust ecosystem of digital financial solutions, tailored to user needs. One of the standout achievements was the sharp rise in Credit Score checks, which became a gateway for 6 million users to take charge of their financial health. Our lending offering, launched during the year, got off to a strong start as more than 29,000 loans were disbursed through the platform. The multi-lender model was launched in partnership with six financial institutions and caters to a wide spectrum of users. Furthermore, Fixed Deposit investments continued to demonstrate a strong performance, with users actively choosing secure and high-return options available on the platform. A surge in adoption of these offerings is indicative of growing consumer awareness and trust in Moneycontrols easy-to-use and insightful fintech tools.

News18.com delivered a year of sustained leadership and accelerated product evolution. News18 is available in 13 languages, making it one of the most preferred digital news destinations in the country. Covering a wide range of topics such as politics, global events, sports, business, education, lifestyle, opinions etc., all under one roof, the platform is a one-stop destination for users looking for news across the spectrum. Having begun the year as Indias No. 1 language (non-English) publisher on ComScore, we successfully maintained top-tier rankings throughout FY 2024-25, reinforcing our dominance in vernacular news. Our mobile apps MAU crossed one million, driven by short videos, features like "Swiper" navigation, and personalized content recommendations that lifted click-through rates. Other than these, we also introduced a streamlined ‘Live TV experience that minimizes user friction and maximizes real-time engagement during marquee events.

The platform adopted AI-driven editorial workflows by embedding tools for language translation, automated live blogs, and uni ed audio/video transcription across all CMSs (Content Management Systems). Our Election CMS, piloted during the Delhi elections, uni ed the TV and digital news pipelines, slashing output time by over 60%, drawing more than 11 million unique visitors and 13 million pageviews. A major CMS consolidation initiative reduced the page-load time by nearly 80%, cutting operational overheads and enabling faster rollout of features. With these enhancements, the platform is reinforcing its commitment to delivering content expansion and driving international and technology-led differentiation to shape the next chapter in digital news.

Local18, the hyperlocal news platform, saw its average monthly unique visitors grow to ~30 million, reaching a peak of 44 million during the year. The platform was focused on ramping up content production, with content output rising to 20.5k by the end of the year. Local18 is currently present across 271 districts, successfully delivering local news, utility, and information services, tailored for users at the city and district level. During the year, Local18 added health vertical to its portfolio which provides users with city-specific information about hospitals and doctors in an easily accessible format. The platform also implemented product updates to deliver personalized content based on users locations, enabling relevant, hyperlocal content experience.

Firstpost took big strides towards its goal of delivering global news to a diverse international audience, with monthly active user base on the web platform growing by 60% YoY. Time spent on the website grew by 200%, highlighting traction of the content. With a strategic focus on original content, and in line with the brands growing global influence, the platform conducted several high-profile interviews including that of the French President, Emmanuel Macron, ahead of theAI Summit in Paris. Raisina Dialogue, Indias premier conference on geopolitics and geoeconomics, also partnered with Firstpost for their flagship summit last year.

On YouTube, Firstposts shows and live streams were watched over 1.7 billion times last year, a growth of 13% YoY. Viewers collectively spent more than 100 million hours watching our content as our subscriber base grew 68% to over 7.3 million. More than two-thirds of Firstposts YouTube views come from outside India, highlighting the brands strong pull amongst global audiences.

CNBC TV18 Digital delivered a breakthrough year marked by robust user engagement, product enhancements, and expanded content offerings. Product innovation remained a key focus, with our app undergoing significant revamp to offer a seamless and intuitive experience to users. These enhancements led to deeper engagement and improved user satisfaction, strengthening the platforms connection with its growing digital audience. Along with the brands strong consumer recall, launch of new features like ‘Fundamental Data, helped the platform gain traction. Audience tra c scaled a new high with more than 16 million unique visitors, reafirming CNBCTV18.coms growing authority in business and financial journalism.

The platform also strengthened its online learning vertical with the launch of Commodity Gurukul and Startup Gurukul – aimed at deepening user understanding of trading and entrepreneurship. These programs, which also provided an opportunity to interact directly with industry experts, received enthusiastic response with high participation and engagement. CNBCTV18.com is committed to evolve into a premium destination for business news, data-driven tools, and learning resources to serve Indias new-age investors, traders, entrepreneurs and leaders.

Network18s off-platform initiatives continued to accelerate brand-led digital strategy, delivering exceptional performance across social media, Connected TV (CTV), and global syndication partnerships. With digital consumption at an all-time high, the network reinforced its leadership in English, Business, and regional content – retaining its position as Indias No. 1 News Network on social platforms. Our flagship brands – CNN News18, CNBC TV18 FirstPost, News18 India, and Moneycontrol – remained dominant in their respective social platforms. The network crossed 400 million followers across platforms, with a growth of 54% YoY, underscoring strong audience engagement and trust.

The increased scale of distribution translated into a 37% YoY surge in video views to nearly 50 billion for the year gone by. Our brands also saw improved traction in global reach with YouTube viewership in international markets rising by 44% and CTV viewership on YouTube growing by 57%. Network18 also expanded its distribution through strategic CTV launches on Samsung TV, Jio TV, JioHotstar, and Xiaomi TV, unlocking new monetization avenues and increasing access across varied audience segments. The Network also forged strategic partnerships with MSN, Dow Jones, Glance, and Trading View, significantly enhancing its global reach and strengthening its content distribution network. Network18 remains committed to innovation, agile execution, and audience-first strategies. With a robust digital roadmap and expanding footprint across platforms, the network is poised to achieve even greater scale and influence in the evolving digital ecosystem.

PUBLISHING

Forbes India has established itself as the countrys premier platform for in-depth business journalism and discourse, in print as well as digital, with special focus on companies, economy, policy, startups, innovation, leadership, philanthropy, and more. With a dynamic digital-first approach, it is captivating diverse audiences with its engaging content across multiple digital properties. Its features such as Take One, Photo of The Day, Quote Of The Day, Tech 5, and podcasts such as Tech Conversations, Forbes India Issue Podcast, From the Bookshelves of Forbes India, have become staple in the audiences routine. Some of Forbes Indias marquee editions include the Forbes India Leadership Awards (FILA), Forbes India Under 30, the W-Power issue, and Indias Richest 100. Forbes India has close to 2 million followers on Instagram and over a million followers on X, along with an active presence on Facebook, LinkedIn, WhatsApp, YouTube, Telegram, and Koo.

Overdrive is one of Indias oldest automotive publishing brands and has successfully pivoted to the new-age 360o media consumption by redefining stories from the world of automobiles. With its flagship publication attracting audiences from all age groups, Overdrive is committed to bringing stories from all over the world for automobile enthusiasts and helping customers looking for honest and credible buying advice and car comparisons. The brand focuses on engaging storytelling and utilizes digital tools, to connect with the new age audience. As one of the most unique automotive brands present across print, television and digital space, it is also making a shift towards short-form content centered around electric cars, autonomous vehicles, and AI, along with coverage of overall mobility in the Indian market- all this with a single focus on delivering credible, engaging, and relevant coverage of the motor world.

FACTUAL ENTERTAINMENT

History TV18, run by AETN18, a JV between Network18 and A + E Network, is amongst the top-rated channels in the niche genre of factual entertainment. The channel works with a hybrid content approach, producing local content as well as licensing global shows from A+E Network. During the year, the channel produced 4 seasons of its popular digital property #RoadTrippin, which received great audience traction. The Company also executed several projects/documentaries for various state governments to showcase culture, heritage and development in the states. Notable among these projects were the ‘Mahakumbh campaign, ‘Temples of Odisha, ‘National Stock Exchange and ‘History of Manipur.

CONTENT PRODUCTION

Colosceum

Colosceum continued to deliver high-impact content for both television and digital platforms. During the year, Colosceum produced the record-breaking season of MTV Splitsvilla X5 and another blockbuster season of MTV Roadies Double Cross, further strengthening its position in the youth reality segment. Additionally, Colosceum produced a documentary titled ‘Swachh Bharat: 10 Years of Swachh Bharat Jan Andolan, highlighting the Governments nationwide cleanliness initiative. Expanding its footprint, Colosceum ventured into branded and regional language content with several noteworthy projects. The Company also produced two songs for Coke Studio Bharat which garnered over 30 million views on YouTube.

LIVE AND TICKETING

BookMyShow

BookMyShow (BMS) continued to be the leading platform in the live events and e-ticketing segment in India and had a successful year, especially in the live events space. The live events business saw a sharp jump, backed by an expansive line-up of music festivals, theater shows, stand-up comedy, and several other events as BMS scaled up the vertical. The platform was also the exclusive partner of the popular music band - Coldplay, for their Indian leg of Music of the Spheres World Tour, making history with its biggest ever music concert around the world. The year also saw release of several blockbuster movies, driving growth in BMSs movie ticketing revenue. BookMyShow has strengthened its position as a one-stop destination for consumers around the country looking for an out of home entertainment experience, across genres.

BUSINESS STEWARDSHIP

At Network18, Corporate Social Responsibility (CSR) is embedded into its long-term business strategy. The Companys community initiatives help elevate the quality of life of people around the country, especially the disadvantaged sections of society. Apart from CSR initiatives, the Company also creates campaigns for its clients that highlight socially relevant issues, as part of its focus business. It also takes the lead in stimulating narrative changing conversations which help bring new perspectives on relevant topics.

SANJEEVANI UNITED AGAINST CANCER

Network18, in partnership with Federal Bank Hormis Memorial Foundation and Tata Trusts, is leading a multi-year public health movement, ‘Sanjeevani: United Against Cancer, to promote regular cancer screening for an early detection. By replacing fear with empathy and science with storytelling, the campaign is fostering a national mindset shift around proactive health behavior.

With over 300 hours of content across News18 platforms, Sanjeevani has organized screenings in corporate offices, workshops in schools, and awareness drives in rural communities. Over 1,000 schools have been engaged through educational workshops and dedicated camps have been conducted with Delhi Policewomen officers, taking the message deep into the heart of Indian society. It also collaborated with medical influencers to demystify cancer and make complex information accessible. In its third year, Sanjeevani continues to grow, reaching beyond the aware to the unheard. It transforms hesitation into health action and stands as a testament to how storytelling and partnerships can drive lasting public health change.

SADAK SURAKSHA ABHIYAN 2025

A nationwide initiative to invoke mass awareness about road safety, the third season of Sadak Suraksha Abhiyan kicked off with a powerful focus on children. Launched through ‘Suraksha Reloaded – a vibrant concert graced by a powerful rendition of the Parwaah anthem by the legendary Shankar Mahadevan and attended by 1,500 school students, the initiative featured Shri Nitin Gadkari in a Q&A session, engaging young minds with road safety lessons. To ensure that the message reaches all corners of India, a dedicated road safety bus with mobile classroom traveled to 22+ cities, educating about road safety through storytelling and local engagement drives. Sadak Suraksha Abhiyan 2025 culminated in a four-hour Grand Telethon, live across major News18 channels, inspiring everyone to learn road safety rules by leveraging prominent voices like Amitabh Bachchan, Prasoon Joshi, Pankaj Tripathi, Samantha Ruth Prabhu, and Shri Nitin Gadkari. United, their voices echoed the call for change and promoted responsible driving behavior.

FUTURE. FEMALE. FORWARD THE WOMENS COLLECTIVE

The third season of CNBC-TV18s Future. Female. Forward - The Womens Collective (FFF) – was a mega initiative towards starting dialogues and discussions to make gender parity an achievable reality. This initiative united diverse voices to share experiences, challenge norms, and ignite meaningful dialogues that foster a more inclusive world, driven by parity and bridging the gap at the workplace. In line with the theme of this year – Close The Gap, a one of a kind Gender Parity Report was unveiled along with a charter which showcased the impact that the initiative has created so far and what we envision for the future. The event was graced by stalwarts such as Chetna Gala Sinha, Sabyasachi Mukherjee, Ila Arun, Dr. Shefali Tsabary, Shanti Ekambaram, Ruchi Kalra and many more, who emphasized that achieving gender equality is not just a goal but a collective journey, shaped by conscious choices made every day, across industries and communities.

HUMAN RESOURCE DEVELOPMENT

FY 2024-25 was a year of stability and consolidation for the Company with a focus on attracting and developing quality talent, deploying progressive HR policies, systems and processes, and building a more agile, innovative, and future-ready organization.

DIVERSITY AND INCLUSION

The Company takes pride in having a multi-generational workforce from diverse ethnic and cultural backgrounds, contributing to a dynamic work environment. During the year, targeted initiatives were launched to hire more women across roles and levels, and to attract young, dynamic talent across functions. ‘Women Career Intentionality Program, a development initiative focusing on the advancement of front-line women colleagues, was launched by the Company in collaboration with external learning partners and with guidance from the leadership team. These efforts are helping us create a diverse, balanced workforce that brings fresh perspectives and also reflects the mix of audiences we serve.

PUSH TOWARDS DIGITAL AND INNOVATION

With content consumption patterns changing rapidly amidst a slew of technological innovation and developments, the Company doubled down on digital push, onboarding engineering and product talent with expertise in latest and emerging technologies. The focus was on building the right technology approach among our employees by fostering digital fluency, encouraging cross-functional collaboration, and investing in upskilling initiatives.

We believe that innovation is not just a one-time activity or function, rather a mindset that drives progress over the long-term. Over the past year, we have taken significant steps to nurture a culture of innovation across the organization, empowering our teams to think boldly and experiment fearlessly. Through internal innovation challenges, ideation workshops, and exposure to emerging technologies, the Company is equipping its workforce with the right mental orientation and support to lead in an evolving landscape.

EMPLOYEE ENGAGEMENT, RECOGNITION AND WELL BEING

Recognizing that a motivated and healthy workforce is key to sustained success, the Company strengthened its employee recognition and well-being initiatives. By designing and reinventing the employee recognition platforms and programs at an increased frequency, and acknowledging contributions and celebrating achievements, the Company fostered a supportive environment where employees felt valued and empowered. In line with this, the ‘Spotlight recognition program was introduced and supported through managerial sensitization initiatives, for building a culture of appreciation. Moreover, a variety of employee-engagement initiatives were organized throughout the year, which not only enhanced job satisfaction but also contributed to higher productivity and retention.

Concurrently, employee health and well-being was prioritized and various initiatives, including mental health counseling, virtual health and wellness sessions, on-site health check-ups, and regular awareness communications were organized. Reinforcing its commitment to a culture of safety and respect, the Company achieved 100% compliance on POSH (Prevention of Sexual Harassment) training, arranged POSH Awareness Sessions across all offices, and established a dedicated Safe Workplace email ID for reporting concerns.

TALENT DEVELOPMENT

The Company continued its focus on training and career development of employees, making a wide array of opportunities and resources available to them for sustained learning and fostering personal and professional development. While emphasis was placed on traditional classroom-based and in-person learning programs, virtual learning formats, including LinkedIn learning, Coursera etc., also continued to demonstrate strong engagement and adoption. In addition, an internal career opportunities program, Careers18, was launched with an aim to identify and provide opportunities to internal talent, accelerating their career progression. Besides, consistent and transparent leadership and communication played a pivotal role in cultivating a high-performance culture throughout the organization.

As on March 31, 2025, the Company had 4,886 on-roll employees.

RISK MANAGEMENT

Network18 maintains a robust system of internal controls, commensurate with the size and complexity of its business operations. The system provides, inter alia, a reasonable assurance of protection against any probable loss of the Companys assets from misuse of power by those in positions to influence the working of business verticals in the organization. These processes ensure that each transaction in business operations is recorded in a fair and transparent manner. The Internal Audit Cell, as a part of its regular audit process, carries out an assessment of the effectiveness of risk management processes and provides assurance to the Audit Committee. Internal audit also ensures that laws, as applicable, are being complied with in true spirit. Network18s key risks and responses are discussed below:

CONTENT AND BRAND RISK

Success in the media business, both news and entertainment, is primarily dependent upon the choice of subject matter and its treatment. Consumer preferences keep evolving continually, with changes clearly visible only over a long term, making it difficult to accurately predict the probability of future success. Revenues from any content are directly linked to viewership and audience interest and hence, there is a risk of revenue loss in case the majority of viewers in the target group do not sample the content or reject the content. Also, consumers associate the different brands of Network18 with certain types of content and if an event harms any brand of Network18, it can lead to an undesirable impact on its business. To mitigate these risks, the group actively tracks the salience of its content through on- ground studies, analysis of viewership and online tra c data, feedback on social media platforms and gathering feedback on brand perception. The Company has a diversified presence in multiple languages and genres, making the probability of simultaneous failure across all markets a low probability event. The strength of Network18s brands is one of its biggest assets and the Companys success depends upon the popularity, recognition, and salience of its brands.

TECHNOLOGY RISK

The pace of technological development has accelerated over the past few years across all businesses, especially in the media sector, as new business models have evolved, changing the shape and form of viewing habits. The entire content value chain – content gathering solutions, production techniques, and distribution platforms, are being increasingly driven or heavily influenced by technology, thereby creating a direct impact on content presentation, working efficiencies and operational costs. The pace of change of technology creates a challenge for the business to remain abreast with the latest advancements and identify the most suitable technical solutions for the business. The Network18 Group has been continually investing in upgrading its systems, both consumer interface as well as internal portals, in line with the latest developments. It is also recruiting technically pro cient personnel, engaging leading technology vendors, and continually training its workforce to keep up with the changes.

CYBERSECURITY RISK

The pace of growth of the digital economy in the current decade has enabled cyber criminals across the globe to hack into sensitive IT infrastructure through phishing and other malpractices. Geopolitical conflicts have escalated cyber threats, positioning cyberspace as a critical battleground for disrupting businesses. The Company regularly undertakes improvement programs to ensure that digital transformation incorporates next-generation cyber security architecture with prevention, detection, and correction capabilities to protect against invasive threats. The IT security landscape is being shaped in alignment with NIST standards and best practices to remain safe, competitive, efficient, and responsive. Additionally, with the increasing integration of AI, safeguarding data integrity and privacy remains a top priority to mitigate emerging threats. Periodic audits and assessments by both internal and external teams help to plug any gaps. The Company is ISO 27001:2022 certified and endorses the IT Security framework.

REGULATORY AND COMPLIANCE RISK

The Indian regulatory landscape for the media industry is constantly evolving across various areas, including distribution, taxation, and content censorship. Further, reporting requirements under SEBI, MCA and Taxation laws have increased manifold over the past few years. Any change in regulation by the industry regulator, Telecom Regulatory Authority of India (TRAI) or the Ministry of Information and Broadcasting (MIB) requires a proactive alignment of corporate performance objectives while ensuring compliance with new requirements. Network18 has a well-qualified and experienced team of professionals across the compliance landscape who have helped the Company successfully navigate the challenges presented by regulatory changes. The Company has a comprehensive and digitally-enabled compliance management framework which keeps continually expanding in scope to incorporate any new regulatory changes in a timely manner and helps integrate these changes with business strategy, compliance, and control processes.

FINANCING RISKS

Most of the Companys debt is in the form of short-term debt from capital markets. This exposes the Company to the risk of non-availability of external capital due to macro factors such as liquidity, volatility in interest rates, and general economic environment. The Company continually monitors funding requirements, evaluates market conditions, and engages with multiple financial institutions to mitigate the risk of capital inadequacy.

HUMAN RESOURCE RISK

Talented human resource is the backbone of any industry, especially M&E. The Companys ability to operate its business and implement its strategies depends, in part, on the continued contributions of its executive officers and other key employees, who may be difficult to replace, retain, or recruit amidst intense competition or due to scarcity of skilled individuals. To attract and retain top talent, Network18 has built an agile and integrated organizational design, supported by streamlined work processes and people policies, that support growth, learning, and development.

INTERNAL CONTROL SYSTEMS

Network18 has exhaustive internal control systems aligned with its business requirements. The Company regularly monitors risks and has in place focused risk mitigation strategies. Internal financial controls have been embedded into business processes. Additionally, internal and external audit teams continually monitor the adequacy and effectiveness of the internal control environment across the Company and the status of compliance with standard operating procedures, internal policies, and regulatory requirements. The Audit Committee meets periodically to review the adequacy and efficacy of these control systems.