Tribes Group, an independent full-service media and advertising group, has acquired Bengaluru-based V Square Media, a branding, media, and marketing agency, and created a new entity - praNetR Tribes.

This acquisition brings together the complementary strengths and expertise of both companies, paving the way for a new era of innovation and growth. By harnessing their collective strengths, praNetr Tribes aims to deliver unparalleled content, services, and experiences to audiences worldwide.

This strategic acquisition will fuel the development of groundbreaking initiatives, leveraging cutting-edge technology and creative storytelling to engage audiences across multiple platforms. With an unwavering commitment to quality content, insightful narratives, and captivating entertainment, the new entity will redefine the media landscape. The acquisition is expected to unlock synergies, drive operational efficiencies, and create a solid foundation for sustained success. By integrating talent, resources, and distribution networks, the combined entity will be better positioned to meet the evolving needs and preferences of audiences, advertisers, and partners.

Recognising the fragmented nature of the ad production industry, praNetR Tribes presents an integrated platform for specialists and technicians to collaborate and work efficiently on projects in conjunction with brands and talent. The leadership teams of both organizations will work collaboratively to ensure a seamless integration and maximize the potential of the acquisition.

On the launch of praNetR Tribes, Gour Gupta, Chairman of Tribes Communication, shares his thoughts, saying, "Together, we will leverage our collective strengths to deliver innovative and compelling content that resonates with audiences globally. This acquisition is a testament to our shared commitment to excellence and our vision for the future of media.”

Lokesh Kumar, CEO of praNetR, comments on the new venture, “This acquisition is a transformative step that will elevate our collective impact on the media industry. By combining forces, we will unlock new opportunities, accelerate growth, and provide our audiences with unparalleled content experiences. We look forward to the exciting possibilities that lie ahead."

Headquartered in Bengaluru, praNetR Tribes operates across markets in India and abroad through the extensive Tribes Communications network.

HT Media Group reported a 8.3% rise in the fourth quarter with the consolidated total revenue at Rs 494 crore as compared to Rs 456 crore in the same quarter last year. The company reported a loss before tax of Rs 34 crore for the quarter ended March 31, 2023, versus a profit before tax of Rs 10 crore in the year-ago period.

The rise in revenue was supported by continued growth in print and radio segments, while the margin was impacted due to higher newsprint prices and investment in new business in the digital segment.

Commenting on the full-year results, Shobhana Bhartia Chairperson and Editorial Director of HT Media Ltd. & Hindustan Media Ventures Ltd said, “Geopolitical strife hampered supply lines across businesses and impacted raw material costs, especially in the first half of the year. The second half of the year witnessed a relatively subdued festive season on account of sluggish retail spending but the year ended with an uptick in business sentiment in our key segments and a slight softening in raw material prices.”

Ad revenue from the company’s print business grew 8% at Rs 269 crore for the quarter while on a full-year basis, it grew 12% from a year ago. Improvement in ad revenue on a full-year basis primarily led by ad volume and growth in both English and Hindi businesses.

The radio segment also saw an 18% rise in operating revenue in the quarter to Rs 36 crore.

Bhartia said, “Indian OTT space is one of the fastest growing pillars of the Media & Entertainment industry. Hindustan Media Ventures Ltd. looks to tap this potential with the launch of OTTPlay.com, a platform that aggregates OTT content, with a focus on abundance, convenience, personalisation, and affordability.”

“In the current fiscal, we are focused on building on our growth momentum from last year as we navigate the larger macro environment as well as the evolving media ecosystem. As always, our endeavor is to be a source of credible news and engaging content for our audiences,” she added.

A bankruptcy court has dismissed a plea by IDBI Trusteeship Services Ltd to initiate a corporate insolvency resolution process against Dish TV promoter Direct Media Distribution Ventures Pvt Ltd., according to a media report.

The plea was filed by the debenture trustee on behalf of Franklin Templeton Asset Management (India) Pvt Ltd, which had acquired non-convertible debentures worth ₹425 crore issued by Essel Infraprojects Ltd in 2015.

Direct Media had assured corporate guarantee on behalf of Essel, on the basis of which the trustee approached the Mumbai bench of the NCLT to admit the promoter after it failed to furnish dues of over Rs 599 crore, inclusive of interests, say media reports.

In a rebuttal to the petition, the promoter's counsel Nausher Kohli said that the debentures matured on May 22, 2020. Direct Media's guarantee was invoked on June 12, 2020, and the default date occurred during the suspension period, barring the admission of an insolvency petition.

In a push to create a level-playing field for TV and streaming content, multiple cable operators have reportedly approached the Telecom Regulatory Authority of India (TRAI) to regulate OTT platforms.

A news report said that cable operators approached the regulatory authority as they felt threatened by the unbridled rise of OTT players. TRAI, on its part, has yet to come to a decision and is currently conducting a study on licensing OTT content; consultation papers for the same will be released in due time.

Shemaroo Entertainment’s revenue from operations for the fiscal ended 31^st March 2023 has increased by 45.9 % to Rs 556.6 crore as compared to Rs 381.4 crore in the previous fiscal ended 31^st March 2022.

For the fourth quarter ended 31^st March 2023, the company’s revenue surged 75.8 % to Rs 164.5 crore compared to Rs 93.6 crore in the corresponding quarter of the previous fiscal.

Announcing Shemaroo Entertainment’s financial results for the fourth quarter and financial year ending 31st March 2023, the company CEO Hiren Gada said, “Considering the external economic scenario, I am very pleased with our overall performance in this financial year.”

The company’s Profit After Tax (PAT) was up by 136.5 % to Rs 4.8 crores compared to Rs 2.1 crores in the fourth quarter ended 31^st March 2022.

Commenting on the results, Gada said, “We started on this journey of changing our business strategy in 2019 and against all odds and headwinds that we have faced over the last few years, we have overcome all these challenges and have been successful in meeting our strategic goals.

“We are extremely confident that the agility, strength and innovative business model, along with a professionally run organization with freshly inducted talent from the media industry, will see our company delivering strong financial performance in the coming years.”

The company also saw an annual growth of 23.3 % in digital media and 66.5 % in traditional media in the financial year ended 31^st March 2023 compared to the previous fiscal.

ShemarooMe, the OTT Platform released 14 new titles during the fourth quarter ended 31^st March 2023 and the general entertainment channels (GECs) recorded a viewership share of 9 % in over all Hindi GEC genre.

Amazon has handed out pink slips to at least 500 employees in India, media networks have reported.

The people who have been let go were with Amazon Web Services, HR and support functions.

CEO Andy Jassy had said in April that Amazon has begun laying off employees in its advertising unit.

As per the company, it was "prioritizing resources with an eye towards maximizing benefits to customers and the long-term health of our business".

Noting that e-cigarettes were promoted at a business summit of a prominent media house in New Delhi, the I&B ministry said in an advisory to media houses and satellite TV channels.

The ministry has directed newspapers, private satellite TV channels, publishers of news and current affairs content on digital media and publishers of online curated content (OTT platforms) to comply with existing legal provisions while organising conclaves or summits.

“It has been brought to the notice by the Ministry of Health and Family Welfare that in a recently organized Business Summit in New Delhi by a prominent media house, the forum was apparently used to promote electronic cigarettes.

“Such an action was in violation of Section 4 of the Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Act, 2019 which prohibits advertisements that directly or indirectly promote the use of electronic cigarettes.

“The Print, Electronic and Digital Media entities are accordingly advised to ensure that the aforementioned statute is not contravened either by way of advertisement or any promotion or other campaigns etc,” the MIB said in its advisory.