We are taking initiatives to make our news businesses future-ready: NW18's Adil Zainulbhai

Media conglomerate Network18, which owns and operates a slew of TV and digital news platforms, has pivoted to integrated news reporting which is platform agnostic, the company's Chairman Adil Zainulbhai said in a message to shareholders in the company's FY22 annual report.

Zainulbhai also said that the company aims to become the most trusted source of news by adding width and depth to its news coverage. He also stated that going hyperlocal and creating an integrated newsroom will help Network18 to stay relevant in the market.

"We are also taking initiatives to make our news businesses future-ready. With the largest news portfolio in the country, in both TV and Digital segments, our aim is to become the most trusted source of news for our audience. We are harnessing the collaborative power of both our platforms to deliver consumer-first news. We are expanding our coverage along the dual axes of width and depth to provide 360-degree coverage of events to our consumers across the country – from national and regional news to global and local roundup," he said.

"Our initiatives of going hyperlocal and creating an integrated newsroom are laying the foundations for us to stay relevant in a fast-changing media landscape where consumers’ trust and the ability to reach them at multiple touchpoints will be key to success," he added.

Network18 has interests in television, digital content, filmed entertainment, e-commerce, print, and allied businesses. TV18 Broadcast, a subsidiary of Network18, manages its primary business of broadcasting. It runs the largest news network in India, spanning business news (4 channels), general news (1 each in English and Hindi), and regional news (14 channels across India, including a joint venture News18-Lokmat).

The Network18 Chairman said FY22 was a remarkable year for the company as it delivered its finest operating and financial performance ever. "Not only did we scale new heights on the operating front, but our profitability metrics also achieved new levels. This is the result of a well-defined strategy and a step-by-step execution over the last few years. It is no mean feat that this was achieved as the economy and industry faced two of the toughest years, affected by a global pandemic the like of which has never been witnessed before."

According to Zainulbhai, the change in the contours of the country’s media landscape is a great opportunity for Network18 to lead this transformational journey into the future. As part of its growth plans, the company raised Rs 15,145 crore from Bodhi Tree and Reliance.

"This partnership will not only enable the Company to invest in scaling up its digital, sports, and other businesses, but it will also bring the invaluable experience of industry veterans and distribution reach of a big digital platform on board. We had already started making investments for the future with expansion into sports and scaling up of the digital business in the last fiscal, and this partnership has the potential to take Viacom18 into the next phase of growth, on the way to becoming one of India’s largest broadcasting and streaming companies. Viacom 18’s acquisition of exclusive digital rights of IPL for the next 5 seasons is a massive step forward in this journey," he said.

On 27th April, Viacom18 announced a partnership with Reliance and Bodhi Tree Systems, which is a platform of James Murdoch’s (former CEO of 21st Century Fox) Lupa Systems and Uday Shankar (former President of Walt Disney Asia Pacific).

As part of this partnership, a total of Rs 15,145 crore (~US$ 2bn) will be infused by Bodhi Tree Systems (Rs 13,500 crore) and Reliance (Rs 1,645 crore) through Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance) in addition, the JioCinema OTT app (currently owned by RPPMSL) will be transferred to Viacom18.

Paramount Global (formerly known as ViacomCBS), which had a 49% stake in Viacom 18, reaffirmed its commitment to the partnership as a strategic partner and will continue to supply Viacom 18 its premium global content. This partnership will enable Viacom 18 to transform into one of the largest TV and digital streaming companies in India.

The addition of JioCinema will enable Viacom18 to access 400 million+ consumers of Jio Mobility and Fiber, instantly catapulting the platform’s digital reach. JioCinema will also bring its critical partnerships with marquee content producers for content and OEMs for distribution.