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Star India has reported a consolidated net loss of ₹ 12,718 crore in FY24 compared to ₹ 1,272 crore profit in FY23.
According to data accessed by business line from Tofler, the company’s total expenses for the fiscal were reported as ₹ 31,563 crore.
As per Tofler’s latest data, Star India’s total income for FY24 fell by 8.9 per cent year on year to ₹ 19,002 crore in FY24 from ₹ 20,699 crore in FY23. Further, revenue from operations fell by 6 per cent to ₹ 18,632 crore from ₹ 19,857 crore.
Star India’s subsidiary Novi Digital Entertainment’s loss widened by 6.9 per cent year on year to ₹ 800 crore compared to a loss of ₹748 crore in FY23 and a 5.5 per cent reduction in total income to ₹ 4,170 crore from ₹ 4,413 crore previous year.
Meanwhile, profit for sports subsidiary Mashal Sports Private Limited (MSPL) jumped by 350 per cent to ₹ 9 crore in FY24 from ₹ 2 crore in FY23. Joint venture Football Sports Development Limited’s (FSDL) loss widened by 27 per cent to ₹ 14 crore in FY24 from ₹ 10 crore loss reported in FY23. Total income of FSDL also fell by 10 per cent to ₹364 crore compared to ₹ 401 crore in FY23.
Reliance Industries (RIL), the Walt Disney Company and Viacom 18 Media Private Ltd have recently announced the merger of their TV and digital platforms on Thursday.
According to Reliance, the JV will be a combination of ‘Star’ and ‘Colors’ on the television side and ‘JioCinema’ and ‘Hotstar’ on the digital front to provide entertainment and sports content to Indian viewers. RIL will control the JV through a direct ownership of 16.34 per cent and another 46.82 per cent through Viacom 18. The balance 36.84 per cent will be held by Disney.
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