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Media
• During the quarter Hindi GEC segment has witnessed heightened competition as Sony continues to compete with Zee
TV for the No 3 position. Strong content line up has enabled Sony to achieve this as its GRP averaged around 200points
during the quarter which is the same as Zee TV
• Star Plus continues to maintain its leadership position on back of fiction programming which ensures that the channel
would be able to maintain its top of the ladder ranking. We also expect the advertising revenues of Zee to get impacted
sooner or later on its below average success to improve on its content. The channel has ventured into 6:30pm time slot
in line with its earlier strategy of expanding the prime time
• Festive season has been big booster for subscriber addition for DTH players with additions of 1.7m subscriber for Nov
2010. Total DTH subscriber base stood at 32.5m. Dish TV added 5lakh subscribers with the total DTH subscriber now
reaching 9mn. We believe strong traction in the subscriber base additions augurs well for the broadcasters although
overhang with respect to the subscriber charge (35% of cable v/s current 50% of cable) remains a key concern
• TV distribution space is witnessing a structural change and digitization is now becoming a reality. We believe
broadcasters would benefit the most and offer a sustained long term investment opportunity. We have an accumulate rating on ZEEL and Sun TV
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