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IBN18 restructuring receives high court approval
The High Court of Delhi has approved the scheme of arrangement between
Television Eighteen, Network18 Media & Investments, IBN18 Broadcast, and
other group companies and their respective shareholders and creditors. This will
pave the way for creation of two entities 'New' TV18 and 'New' Network18.
Television Eighteen will be de-listed from stock exchanges and shareholders will
be given shares of the two new entities. As per swap ratios announced earlier,
0.68 share of IBN18 and 0.13 share of Network18 will be received against one
Share of TV18. The scheme will come into effect post the statutory processes as
per extant regulations are completed. The effective date will be notified in due
course.
IBN18 (NewTV18) will become a media powerhouse
The business news broadcasting operations of TV18 (CNBC TV18 and CNBC
Awaaz) will be transferred to NEWTV18 (NewTV18). NewTV18 will house all the
TV channels including CNBC TV18, CNBC Awaaz, CNN IBN, IBN7, IBN Lokmat
and Viacom18 channels (Colors, MTV, Vh1 and Nickelodeon). Network18 and
SUN TV Network have a strategic alliance called SUN18 for distribution. Recently,
STAR India has increased its ad rates by 20% across all its 33 channels. IBN18's
Colors channel too has increased ad rates for Fear Factor-Khatron Ke Khiladi
Season 4 by 15% Y-o-Y. As per Zee, 10-15% ad rate hike has already been
effected from April 1. Sun TV too has increased ad rates (effective from FY12)
for its Tamil channels by 8-32%, the flagship Telugu channel Gemini TV by 6-
13% and other Telugu channels by 9-43%. Ad rates for Malayalam and Kannada
channels have been hiked 6-33% and 5-13%, respectively. Colors’ new serial
sasural simar ka was launched on April 25 in the 7:30 pm slot. With peak cricket
season behind us (World Cup is over and half of IPL matches are done) Hindi
GEC are expected to introduce new programmes.
Outlook and valuations: Improving; maintain ‘BUY’
IBN18’s Q3FY11 revenues were strong and rose 22% Y-o-Y to INR 2,360 mn
(ahead of our estimate of INR 2,166 mn). PAT stood at INR 198 mn against loss
of INR 106 mn and INR 129 mn in Q3FY10 and Q2FY11, respectively. It has
consistently been able to maintain its viewership share and will gain due to
uptick in the ad environment. We maintain ‘BUY’ on IBN18 (NewTV18) and rate
it ‘Sector Outperformer’ on relative return basis.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IBN18 restructuring receives high court approval
The High Court of Delhi has approved the scheme of arrangement between
Television Eighteen, Network18 Media & Investments, IBN18 Broadcast, and
other group companies and their respective shareholders and creditors. This will
pave the way for creation of two entities 'New' TV18 and 'New' Network18.
Television Eighteen will be de-listed from stock exchanges and shareholders will
be given shares of the two new entities. As per swap ratios announced earlier,
0.68 share of IBN18 and 0.13 share of Network18 will be received against one
Share of TV18. The scheme will come into effect post the statutory processes as
per extant regulations are completed. The effective date will be notified in due
course.
IBN18 (NewTV18) will become a media powerhouse
The business news broadcasting operations of TV18 (CNBC TV18 and CNBC
Awaaz) will be transferred to NEWTV18 (NewTV18). NewTV18 will house all the
TV channels including CNBC TV18, CNBC Awaaz, CNN IBN, IBN7, IBN Lokmat
and Viacom18 channels (Colors, MTV, Vh1 and Nickelodeon). Network18 and
SUN TV Network have a strategic alliance called SUN18 for distribution. Recently,
STAR India has increased its ad rates by 20% across all its 33 channels. IBN18's
Colors channel too has increased ad rates for Fear Factor-Khatron Ke Khiladi
Season 4 by 15% Y-o-Y. As per Zee, 10-15% ad rate hike has already been
effected from April 1. Sun TV too has increased ad rates (effective from FY12)
for its Tamil channels by 8-32%, the flagship Telugu channel Gemini TV by 6-
13% and other Telugu channels by 9-43%. Ad rates for Malayalam and Kannada
channels have been hiked 6-33% and 5-13%, respectively. Colors’ new serial
sasural simar ka was launched on April 25 in the 7:30 pm slot. With peak cricket
season behind us (World Cup is over and half of IPL matches are done) Hindi
GEC are expected to introduce new programmes.
Outlook and valuations: Improving; maintain ‘BUY’
IBN18’s Q3FY11 revenues were strong and rose 22% Y-o-Y to INR 2,360 mn
(ahead of our estimate of INR 2,166 mn). PAT stood at INR 198 mn against loss
of INR 106 mn and INR 129 mn in Q3FY10 and Q2FY11, respectively. It has
consistently been able to maintain its viewership share and will gain due to
uptick in the ad environment. We maintain ‘BUY’ on IBN18 (NewTV18) and rate
it ‘Sector Outperformer’ on relative return basis.
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