Entertainment network (India) Limited has announced that the Competition Commission of India (CCI) has granted approval for a composite scheme of arrangement involving its promoter Bennett Coleman and Company Limited (BCCL) and Times Horizon Private Limited (THPL). The approval was communicated through regulatory filings dated 19 February 2026.

CCI Approval Details

The Competition Commission of India issued its approval order on 17 February 2026 under Section 31(1) of the Competition Act, 2002 (as amended). The approval covers transactions outlined in the composite scheme of arrangement between BCCL, THPL, and their respective shareholders and creditors.

Corporate Structure and Relationships

The scheme involves key entities within the Times Group structure. BCCL operates as the promoter of Entertainment Network (India) Limited, while THPL functions as a wholly owned subsidiary of BCCL. Times Horizon Private Limited was incorporated in 2025 with CIN U60200MH2025PTC443127 and maintains its registered office at Times Group, Sunteck Icon, Mumbai.

Regulatory Compliance Framework

The disclosure was made pursuant to multiple regulatory requirements under SEBI guidelines. Entertainment Network (India) Limited filed the announcement under Regulation 30 and Regulation 30A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing also referenced clause 5A of paragraph A of part A of Schedule III of the Listing Regulations and the SEBI Master Circular updated on 30 January 2026.

Timeline of Disclosures

The current announcement represents a continuation of previous regulatory communications regarding the proposed reorganisation. Entertainment Network (India) Limited had made earlier disclosures on this matter dated 26 September 2025 and 5 February 2026. Similarly, both BCCL and THPL had issued prior communications dated 25 September 2025 and 4 February 2026.

Corporate Signatories

The disclosure documents were signed by key corporate officials from the respective entities. Mehul Shah, EVP - Compliance & Company Secretary (FCS no- F5839) signed on behalf of Entertainment Network (India) Limited. Chanda Makhija Thadani, Company Secretary, executed the document for BCCL, while Ashish Khude (DIN: 07000690), Director, signed for Times Horizon Private Limited.

Entertainment Network (India) Limited delivered a mixed performance in Q3FY26, with digital business momentum offsetting challenges in traditional radio advertising. The company reported domestic revenue of ₹160 crores, representing a 4% year-on-year growth despite a challenging advertising environment affecting traditional media.

Financial Performance Overview

The company's financial metrics for Q3FY26 demonstrate resilience amid market headwinds:

Digital Business Emerges as Growth Engine

The digital segment showcased remarkable progress, with revenues reaching ₹30.8 crores during the quarter. This performance represents a significant milestone, as digital business now contributes close to 50% of radio revenues, marking a substantial increase from 27% in the same quarter last year. The Gaana platform specifically generated ₹20.8 crores in revenue, driven by expanding user base and enhanced engagement.

The company's strategic focus on digital transformation is yielding results, with 66% of subscribers now contributing to gross margin positive metrics, up from 54% in the previous quarter. Total digital investments for the year-to-date period stood at ₹29 crores, reflecting a 22% decline compared to the previous year, indicating improved cost discipline.

Segment-wise Business Performance

The company's diversified portfolio showed varied performance across segments:

Radio Industry Challenges and Market Position

The traditional radio segment faced headwinds due to weak advertising activity and festive season timing shifts. Unlike the previous year when the entire festive season occurred in Q3, demand was distributed between Q2 and Q3 in the current year. Despite these challenges, the company maintained its market leadership position with a robust 25% volume share in the radio industry.

Advertising rates remained largely flat during the quarter, with inventory utilization at approximately 75%. The company noted that current pricing levels remain 25% to 30% below pre-COVID levels, reflecting the ongoing recovery in the advertising market.

Strategic Outlook and Growth Initiatives

Management emphasized the company's commitment to achieving profitability in the digital business within the next few quarters. The strategic approach balances growth investments with cost discipline, particularly in marketing spend to drive subscriber acquisition and platform adoption. The company is also exploring international expansion opportunities, particularly targeting South Asian diaspora markets and the profitable U.S. subscription market.

With a strong balance sheet and diversified revenue streams, Entertainment Network India is positioned to capitalize on the digital transformation while maintaining its leadership in traditional radio broadcasting. The company's focus on execution and long-term value creation reflects confidence in its growth trajectory across both traditional and digital platforms.