The merger of TV18 Broadcast and Network18 Media & Investments may lead to the combined entity targeting a larger share in the fragmented media and entertainment market, especially in the digital space, according to a forecast released by Karan Taurani, Research Analyst at Elara Capital. Earlier this week, the companies had announced that TV18 and E18 will merge with the Network 18 effective April 2023.
India’s M&E market for TV, print and digital was pegged at USD 18 billion in 2022 (Source: EY FICCI) and Network 18 had a consolidated revenue base of USD 0.8 billion in FY23 with a market share of approximately 4 pc. Post the merger, the combined entity could have a potential market share of around 6 pc by FY26, the report said.
The merger could result in bundled offerings with a bigger target audience and revenue scalability and better reach for advertisers, the brokerage note said, adding cost control measures would drive efficiency, leading to a better EBITDA margin.
The Elara note also said that the merger gave Network18 the opportunity to bundle all services under one umbrella. Network18 would also have the advantage of the last mile with Reliance Jio having a subscriber base of 450 million smartphone users. A media super app, thus, makes perfect sense for the merged entity. The app could offer news, sports, ticket bookings, and webs series, which may lead to a large customer base, better digital ad revenue and improved monetisation.
The potential market capitalisation of the merged entity is likely to be INR 140-180 billion based on consensus figures and the news and digital segments are set to post a revenue CAGR of 10 pc and 15 pc, respectively, over FY24-26, the note said.
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