Latest news with #IshanChatterjee
Time of India
6 days ago
- Business
- Time of India
Jio Star India's provisions for onerous sports contracts rise to ₹25,760 crore in FY25
Jio Star India , jointly owned by Reliance Industries Limited (RIL) and Walt Disney , has reported more than double the provisions for expected losses on onerous contracts related to sports events for 2024-25, surging to Rs 25,760 crore from Rs 12,319 crore in the previous financial year. The sharp increase, disclosed in the company's audited standalone financials for 2024-25, reflects mounting pressure from long-term content and sports rights deals that are projected to generate lower revenues than their associated execution costs. Star India holds the media rights for major cricket properties, including the Indian Premier League, International Cricket Council (ICC) events and matches of the Board of Control for Cricket in India. During the fiscal, the company set aside an additional Rs 22,129 crore in provisions while utilising Rs 8,688 crore. 'The company has estimated that the contracts related to certain sports events are onerous, as the expected revenue from customers related to these events is likely to be less than the cost involved. Hence, the company has created the onerous provision to the extent of estimated loss from future events,' Jio Star India stated in its annual filings. 'These judgements and estimates may change in future periods due to the uncertainty involved with such estimates.' Sanjog Gupta , CEO of sports at Jio Star India, recently left the company to become the chief executive of the International Cricket Council. Ishan Chatterjee has succeeded him as CEO of sports. In 2023-24, Star India had incurred a standalone net loss of Rs 12,548 crore. In a regulatory filing, the broadcaster attributed the weak financial performance to a Rs 12,319 crore provision for an 'onerous contract' related to the ICC media rights deal . Star India had acquired the ICC television and digital rights for a hefty $3 billion for a four-year period ending in 2027. It later sub-licensed the TV rights to Zee Entertainment , which ultimately withdrew from the agreement following the collapse of its proposed merger with Sony Group Corp's India units in January 2024. Jio Star initiated arbitration proceedings against Zee Entertainment before the London Court of International Arbitration on March 14, 2024. It has since increased its damages claim to more than $1 billion in the ongoing dispute over the now-terminated ICC broadcast rights agreement. Despite the increase in liabilities, the company reported a modest standalone profit of Rs 18 crore for 2024-25, recovering from a loss of Rs 12,548 crore in the previous fiscal. Revenue from operations edged up to Rs 21,044 crore from Rs 20,097 crore, driven by growth in advertising, subscription and syndication revenues, which together increased to Rs 20,233 crore from Rs 19,605 crore. Total expenses remained high at Rs 21,781 crore in 2024-25, although down from Rs 32,944 crore in the previous fiscal. Operating expenses alone amounted to Rs 17,826 crore. Total income went up to Rs 21,686 crore from Rs 20,354 crore during this period. The company's total assets swelled to Rs 93,178 crore from Rs 25,129 crore. Equity capital rose to Rs 1,594 crore from Rs 494 crore, while other equity increased sharply to Rs 51,465 crore from Rs 5,383 crore. The company was supported by a Rs 15,348 crore equity infusion during the year. RIL invested Rs 11,500 crore in Jio Star as part of the merger deal with Disney. On April 25, Crisil assigned 'CRISIL AAA/Stable/CRISIL A1+' ratings to Jio Star India's total bank loan facilities worth Rs 33,000 crore. In a note, Crisil said the ratings reflect the company's strong market position in television and digital streaming. It also highlighted Jio Star's comprehensive content offerings in entertainment and sports, particularly cricket broadcasting and streaming. Further, it said, the company's financial risk profile is supported by a healthy capital structure and strong liquidity. The note added that the ratings centrally factor in the strong parentage of RIL, along with its financial, operational and managerial control over Jio Star, given the company's strategic importance. RIL is expected to provide financial support, if required. However, these strengths are partially offset by ongoing investments in committed sports rights fees, which have a long gestation period and are susceptible to volatility in advertising revenue. As a result, a turnaround in profitability will remain monitorable over the medium term, Crisil said.
Time of India
11-07-2025
- Entertainment
- Time of India
Wimbledon's triumph, Balaji's digital leap & FreeDish's rise
Welcome to this week's dive into the dynamic world of Media and Entertainment! From Wimbledon captivating new audiences to India's TV landscape undergoing a seismic shift, and a major production house embracing a digital-first future, it's clear the industry is in constant motion. Get ready to uncover the trends redefining viewership, advertising, and content creation. Curious what's making waves in Media & Entertainment this week? Wimbledon's rising viewership and steady ad rates attract marketers Wimbledon's soaring viewership in India, especially among affluent audiences, makes it a hotbed for marketers. Its stable ad rates offer a cost-effective way to reach premium consumers, attracting more brand partnerships and highlighting quality audience engagement over sheer numbers in a fragmented media landscape. Read more.. Why you should care : Wimbledon offers marketers a prime, affordable platform to reach high-value audiences. It's a strategic case study for effective premium brand engagement in sports media. Balaji Telefilms bets on films, digital as traditional TV loses steam Balaji Telefilms is pivoting from traditional TV to films and digital content, addressing challenges like pay-TV erosion. With Netflix partnerships and a revamped ALT Balaji, films are set to drive growth. This strategic shift showcases the evolving landscape of content creation and distribution, emphasizing digital-first models. Find out more. Why you should care : This move by a major player highlights the global shift from linear TV to digital streaming and film production. It indicates where future content investment and consumption will likely be concentrated. FreeDish and the changing dynamics of Indian television DD Free Dish has become India's largest TV platform, reaching millions with free content. Its appeal, especially among low to middle-income audiences, is reshaping Indian TV economics. Major broadcasters are rejoining, favoring Free Dish for broad reach and competitive ad rates, blurring lines between free and pay TV. Click here. Why you should care: Free Dish's dominance is reshaping TV advertising and content strategies in India. It signals a major shift towards accessible, free content and impacts how broadcasters and advertisers strategize for mass market reach. More Stories to Read: Delhi HC bars Kuku FM from streaming disputed shows in Pocket FM copyright case JioStar appoints Ishan Chatterjee as CEO sports as Sanjog Gupta joins ICC, ET BrandEquity RCB Dethrones CSK as IPL's Most Valuable Franchise in '25 Streaming platforms focus on 'second screen' to script growth SUN TV row: MK Stalin works out truce between Maran brothers, Dayanidhi unlikely to pursue legal notice against Kalanithi The media landscape is buzzing, but what's truly resonating with you? Drop your thoughts on LinkedIn and tag us @ETBrandEquity. Stay tuned for more insights into the ever-evolving world of media and entertainment. Until next Friday, -Team ETBrandEquity
Mint
07-07-2025
- Business
- Mint
Sanjog Gupta appointed ICC CEO; Ishan Chatterjee to head sports at JioStar
Mumbai: In a major leadership shake-up in the world of cricket and sports media, the International Cricket Council (ICC) on Monday appointed Sanjog Gupta, CEO - sports & live experiences at JioStar, as its next chief executive, effective immediately. Following his exit, JioStar has internally announced that Ishan Chatterjee, chief business officer – sports revenue, SMB & creator monetisation, will head the merged entity's sprawling sports business across TV and digital. Gupta's appointment as ICC CEO marks a rare transition of an Indian media executive to the top job at global cricket's governing body, as it looks to expand internationally and cement its place at the Olympics. He will be the seventh CEO of the ICC and succeeds Geoff Allardice. The ICC said Gupta's selection followed a global search that attracted more than 2,500 applicants from 25 countries. A shortlist of 12 was drawn up and evaluated by a nominations committee led by ICC deputy chair Imran Khwaja and others, before being unanimously recommended to and approved by ICC chairman Jay Shah. 'It is a privilege to have this opportunity, especially at a time when cricket is poised for unprecedented growth,' Gupta said in a statement issued by the ICC. 'Cricket's inclusion in the Los Angeles 2028 Olympic Games and the rapid acceleration of technology adoption could act as force multipliers for the movement.' Jay Shah, who recently took over as ICC Chairman, said Gupta's 'deep understanding of the global sports and media landscape' and 'curiosity about the cricket fan's perspective' made him the standout choice. 'Our goal is to move beyond traditional boundaries and establish cricket as a regular sport in the Olympics, growing its expanse across the world and deepening its roots in its core markets,' Shah added. Gupta joined Star India in 2010 and rose through the ranks in content and strategy, eventually taking charge of its sports business in 2020. Following the Viacom18-Disney merger in 2024, he was made CEO - sports at JioStar, where he led a portfolio including IPL, ICC events, Pro Kabaddi, and global properties such as Wimbledon and the English Premier League. Over the past decade, Gupta has played a key role in reshaping the Indian sports viewing experience through multi-language, digital-first, and women-centric programming, while also scaling the commercial value of properties like IPL and ISL. His role in crafting narrative-led coverage and expanding regional reach has often been cited as a case study in sports broadcasting. JioStar is aggressively pursuing its ambition to become India's largest sports media powerhouse. The company has invested more than $500 million over the years into digital technology, and owns key properties including IPL, ICC events, BCCI matches, Wimbledon, and more. To fill that gap, the company has elevated Ishan Chatterjee, a former YouTube India head who joined JioStar in 2024, to lead monetisation and ad innovation. Executives said his expanded role includes end-to-end oversight of the sports vertical, including strategy, rights acquisition, revenue, partnerships, and viewer experience across both JioHotstar and Star Sports. Chatterjee's rise signals a strategic shift toward outcome-driven commercialisation, with an emphasis on data, measurement, and platform-led monetisation. At JioStar, he has already overseen a number of initiatives during IPL 2025, including third-party audience measurement via Nielsen, AI-led audience segmentation and engagement, advertiser packages tailored for SMEs and regional markets and creative ad formats blending storytelling and performance marketing. 'The idea is to unify TV and digital sports with a clear focus on revenue and advertiser ROI,' said a senior executive familiar with the internal development. 'Ishan's appointment signals a new chapter of business-first, fan-connected sport at JioStar.' Chatterjee has previously worked across Google's APAC and EMEA businesses, and his consumer-tech pedigree is expected to help JioStar sharpen its sports product across connected TV, mobile, and app-based experiences. Gupta's move to the ICC is being seen as another sign of India's growing influence in global cricket administration. While the ICC is officially headquartered in Dubai, the India's commercial heft has shaped its recent strategy, especially with India hosting marquee tournaments and pushing for cricket's expansion into the Olympics and US market. Gupta is expected to prioritise Olympic alignment, women's cricket, tech innovation, and emerging market growth. His media background could also signal a reimagining of how ICC content is packaged and distributed globally, particularly in the streaming era. 'Sanjog's appointment could bring much-needed creative thinking to the ICC,' said a senior sports executive. 'He understands both fandom and business, which is a rare combination.'
Time of India
28-04-2025
- Business
- Time of India
YouTube appoints Gunjan Soni as new India head
YouTube has appointed Gunjan Soni as the new country managing director for India . She succeeds Ishan Chatterjee who stepped down from the position in 2024 to join Viacom18-owned JioCinema as chief revenue officer. "As India remains one of YouTube's most vibrant and crucial markets, brimming with creativity and opportunity, I'm delighted to announce that Gunjan Soni has joined YouTube as our new Country Managing Director for India," Gautam Anand, vice president and managing director for YouTube APAC, said in a LinkedIn post.
