Shares of Network18 Media & Investments were gaining strongly on Wednesday after the Reliance Industries-owned firm saw its TV news revenue go up and gained market share despite swinging to a loss in the third quarter.

What Happened: TV18 Media & Investments’ market share increased by 30 basis points from the previous quarter to 10.8%, thanks to the strong performance of Hindi GEC and Movie channels. The OTT platform JioCinema continued to strengthen its position as a top digital destination for sports and entertainment content in India.

The company’s investments in editorial and reach initiatives for TV and Digital news networks contributed to a strong operating performance. The TV news segment saw a 23% increase in revenue with solid growth in advertising revenue. In digital news, Network18 reported a 20% growth in revenue, driven by IP events and video monetisation across digital platforms.

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Network18 Media & Investments, through TV18 Broadcast, owns 20 TV news channels, including CNBC TV18, CNN NEWS18, and News18 India, and four online platforms, such as Moneycontrol, News18.com, and Firstpost. However, in the entertainment segment, operating revenue declined by 12%, mainly due to lower income from movie and sports segments.

On The Weaker Side: Network18 reported a loss of ₹107.87 crore in the third quarter that ended December, swinging from a ₹8.82 crore net profit last year.

Overall revenue from operations dropped by 4.14% to ₹1,773.73 crore compared to ₹1,850.49 crore last year. The main reason for this dip in revenue was a decrease in movie studio income.

Expenses rose by 6.37% to ₹2,062.53 crore in the December quarter. Still, the total income, which includes other sources of income, saw a slight increase of 1.56% to ₹1,930.38 crore during the same period.

Reported EBITDA took a hit due to operating losses from sports and digital, as Viacom18 continues to make investments in these segments.

Price Action: Network 18’s share price was down 1.69% at ₹116.55 near the start of trade on Wednesday.

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