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Sony Pictures Networks India's ad revenue decline by 11% to reach Rs 2,912 crore in FY24
Sony Pictures Networks India reported a 19% decline in net profit to Rs 839 crore and a 3% decrease in revenue to reach Rs 6,510 crore in FY24.
Culver Max also criticized the TDSAT for granting relief to Tata Play beyond the original scope of the broadcaster's petition.
Sony Pictures Networks India (SPNI) has reported a 19% decline in its net profit to reach Rs 839 crore and a 3% decrease in revenue from operations to Rs 6,510 crore in FY24.
The company also witnessed a 11% decline in its advertising revenue to reach Rs 2,912 crore in the same fiscal. Meanwhile, the advertising and promotional expenses rose by 2%, climbing Rs 882 crore. Additionally, the company's content costs declined by 3% and stood at Rs 2,936 crore.
According to the regulatory filings, SPNI's total expenses stood at Rs 5,548 crore.
It is to be noted that during the same fiscal, Culver Max Entertainment Pvt. Ltd. (CMEPL) operating as SPNI also terminated its planned merger with Zee (on January 22).
Both media companies now have reached an amicable settlement, resolving all disputes about the merger cooperation agreement and scheme of arrangement.
The fiscal year also saw Gaurav Banerjee taking over from NP Singh as the Managing Director and Chief Executive Officer (CEO) at SPNI.
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