Guest Column Retrofit: The murky case of Kochi IPL bid – Modi, the Minister and the Memsahib...
This one has all the juice. Expect more. And with allegations of Lalit Modi cooking up this broth to trump Rendezvous’ Kochi IPL team bid for Ahmedabad gaining currency, be prepared for more dirt. Rendezvous has already reacted by calling Modi a drug peddler… so, watch out, many blind curves ahead, says Sandeep Bamzai as he goes deep into the Modi-Tharoor-Kochi IPL controversy.

This one is about propriety, ethicality, legality, legitimacy and, of course, the truth. It also has hefty doses of verbal action, emotion, romance and, of course, that vital ingredient – factional rivalry. All in all, the makings of a climactic potboiler. All ready for wear. And one that media is lapping up excitedly. When the winning bid from Rendezvous for Kochi IPL team was confirmed, Minister of State for External Affairs Shashi Tharoor had magnanimously stated that he had given his blessings to the consortium and, “beyond that, I had no role to play. I understand it’s a business decision”. But over the weekend, a mini-explosion took place with the same weapon of mass destruction that almost brought the downfall of Tharoor - tweeting - being used with surgical precision.
Social messaging is obviously a new tool, or should I call it weapon, which has enormous potential. Tharoor or Mr Twitter managed to survive each and every controversy using this tool, but Lalit Modi’s tweets may well inflict heavy punishment on him now. The Congress party has already begun to distance itself from Tharoor, while the BJP is readying to launch an assault against the same man, asking for his resignation. Don’t forget that Parliament also reopens after the recess, so expect some more hungama. The last has certainly not been heard of this matter. What this latest controversy can do is envelope the entire IPL team ownership structures and perhaps result in greater transparency. Or maybe that is asking for too much for the levels of opacity associated with IPL are nothing short of staggering.
But even as Modi versus Tharoor slugfest escalates, there is another subset that needs our attention. There are powerful cabals within the BCCI, which have been wanting to take Modi down a notch or two. La affaire Rendezvous has given them a handle once again. Smooth talking Modi was given an email lashing by Board President Shashank Manohar, where he said, “Your making such statements is detrimental to the interests of the Board.” According to Manohar, the proper forum for underlining ownership structures is the IPL Governing Council platform, which Modi very tacitly chose to ignore. He opted for a viral messaging platform instead, throwing into stark relief the importance of social media like Twitter, Facebook, Orkut, Buzz, et al. Manohar now wants to discuss this entire episode at the Governing Council meeting in all probability on April 23.
While Tharoor’s bluff has been called in this entire matter due to the complicity of his ‘wife to be’ Sunanda Pushkar, who reportedly owns 18-20 per cent of the free shares in Rendezvous Sports World, it throws up a larger question of propriety. Sunanda Pushkar’s role in this entire episode is crucial. The fact that she works as sales manager with Tecom Investments, a member of Dubai Holdings, opens up a Pandora’s Box. The Indian Express reported that of the 1,000 shares allotted to the “free” equity owners, 190 have been awarded to Pushkar; 24 to Gulati, 16 to Kotalwar, eight each to Aggarwal and Prasad; 377 to Kishan, 376 to Pushpa and 1 to Shailendra Gaikwad. The other shareholders of the team include: Anchor Earth (27 per cent), Film Waves (12 per cent), Parinee Developers (26 per cent), Anand Shah Developers (8 per cent) and Vivek Venugopal (1 per cent). Modi, in his Twitter message on April 11, said: “Who are the shareholders of Rendezvous. And why have they been given this 100s of million dollar bonanza.” When contacted, Keshav T of Rosy Blue Diamond, which backs Film Waves, said: “There is a component of sweat equity given to Rendezvous as they were the ones who put together the consortium and will be full-time working partners.” Yes, who are these people? From the time that Rendezvous surfaced with the humongous bid of $333.33 million, they have been the cynosure of all eyes. And questions?
The ramifications of Modi’s tweets are going to resonate for sometime. Its impact will be felt not just by Tharoor in politics, but on Rendezvous’ continuity as a team, Modi’s clout and influence in the Cricket Board, but generally speaking its fallout, may well hurt other franchise owners as they might be pressurised into coming clean on their shareholding. Remember that lead investor in Emerging Media, owner of Rajasthan Royals is Suresh Chellaram, Modi’s brother-in-law, or Kings XI Punjab co-owner Mohit Burman’s brother Gaurav is Modi’s step son-in-law. Tharoor, meanwhile, is caught in a maelstrom of his own making. He might be bellicose now, saying that Modi’s tweets are “an extraordinary breach of all propriety” and designed to discredit the franchise. Modi, too, has been in the line of Manohar and Srinivasan’s fire for his unilateralism. He has often been bailed out by Sharad Pawar. Manohar’s mail to Modi has a strident sounding line to it, “The issue, if any, could have been discussed at the governing council meeting and that action on your part of raising it on Twitter is unbecoming of you as a chairman of the a sub-committee of the board. Your action is in serious breach of the confidentiality clause in the agreement. Till date, you have made public statements about a lot of issues, which were not even discussed in the meetings of the governing council, when it is the governing council which has the authority to take decisions with regard to each and every issue related to IPL.”
But Modi is combative and resilient. He responded to Manohar’s letter by saying his revelations on Twitter were “in no way a breach of confidentiality”. He said that the Kochi franchise “had a lot to hide” and as such have lied about who are the actual owners of the shares. Modi seems to be right in pulling the plug on Rendezvous, more so because Tharoor reportedly called him to prevent him from outing Sunanda’s name. Oh yes, the waters are muddied. “I was told not to get into who owns Rendezvous, specially Sunanda Pushkar. Why?” asked Modi. Agencies reported that, “Tharoor had all along denied having a stake in the Kochi franchise, saying he played merely a facilitator’s role. In a lengthy rejoinder on Tuesday, Tharoor denied calling Modi and requesting him not to disclose details of the RSW stakeholders.
But there is another facet to this fur flying. For instance, media personnel got an earful on Tuesday when they assembled outside the home of retired army officer PN Dass, whose daughter Sunanda is at the centre of the Kochi Indian Premier League (IPL) controversy for her reported share of Rs 70 crore. Dass’ house in Sector 5 of Channi Himmat locality was the focus of media attention after news reports about Sunanda, who has business interests in Dubai, and her purported links with Minister of State for External Affairs Shashi Tharoor hit the headlines.
Journalists who gathered for a quote or a soundbite or two were greeted by abuse from Sunandas father, Lt Col (retd) Dass. He first told camerapersons and reporters to go away. When they continued to hurl questions, he used abusive language. The family had migrated to Jammu in 1990 when their house was burnt down by militants in Bommai in Sopore in the Kashmir Valley. More than 350,000 Kashmiri Pandits had fled the Valley. They had sought shelter in Jammu, as did Sunanda’s family.
Finally, who is this lady in Tharoor’s life?
Another media story went like this, “Sunanda Pushkar, who is seen with Minister of State for External Affairs Shashi Tharoor at social gatherings and is in the thick of the Kochi IPL row, is involved with a construction business in Dubai, and had been with her parents in Mathura recently. Following a divorce, Pushkar went to Dubai, where she married again. Her second husband died in an accident in Delhi. Pushkar, a graduate of Government College for Women, Srinagar, has two brothers, one of whom works for a bank; the other is in the Army. Her father retired from the Army in 1983.”
This one has all the juice. Expect more. And with allegations of Modi cooking up this broth to trump Rendezvous’ Kochi bid for Ahmedabad gaining currency, be prepared for more dirt. Rendezvous has already reacted by calling Modi a drug peddler… so, watch out, many blind curves ahead.
(Sandeep Bamzai is a well-known journalist, who started his career as a stringer with The Statesman in Kolkata in 1984. He has held senior editorial positions in some of the biggest media houses in three different cities - Kolkata, Mumbai and New Delhi. In late 2008, he joined three old friends to launch a start-up – Sportzpower Network – which combines his two passions of business and sport. Familiar with all four media – print, television, Internet and radio, Bamzai is the author of three different books on cricket and Kashmir.
The views expressed here are of the writer’s and not those of the editors and publisher of exchange4media.com.)
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
You May Also Like
HT Media posts Consolidated Total Revenue of Rs 580 crore in Q2
Chairperson and Editorial Director Shobhana Bhartia says due to lower commodity prices and control on costs there has been an improvement in operating profit
HT Media has posted a Consolidated Total Revenue for Q2, 2020 at Rs 580 crore.
As per a statement released by the company, EBITDA for Q2’20 increased by 139%, and margins at 14% vis-à-vis 6% in previous year. This has been driven by softening of newsprint prices and continued focus on cost.
The Net Cash position at a consolidated level continues to be strong.
The Print ad revenue has declined due to sluggish volumes, even as yields have improved. National advertising continues to be soft, although local advertising witnessed growth.
Savings in raw material costs have driven improvement in EBITDA margins.
Chairperson and Editorial Director Shobhana Bhartia said, “Slowing economic growth has hit advertising spends in key categories, putting pressure on revenues across the media industry. As a result, our Print and Radio (on like to like basis) businesses saw revenues dip as compared to a year-ago. However, thanks to lower commodity prices and a tight control on costs, we saw an improvement in our operating profit. On the digital front, Shine, our online recruitment portal has shown good progress and continues to grow. Our outlook for the coming quarter remains cautious, given overall economic sentiment and macroeconomic trends. Cost-control and falling commodity prices should help protect our margins.”
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
ABP Group posts Rs 15.70 crore as net profit in Q1 FY20
The group’s total operating income stands at Rs 365.55 crore
ABP Group has posted a net profit of Rs 15.70 crore in the first quarter of FY20, as per media reports.
The group’s total operating income stands at Rs 365.55 crore.
It’s net profit for the fiscal ended March 31, 2019, was down 68% to Rs 31.90 crore compared to the previous fiscal.
The Profit Before Interest Lease Depreciation and Tax (PBILDT) has also dropped 53.52% to Rs 107.12 crore.
The group has six news channels - ABP News (Hindi), ABP Ananda (Bengali) ABP Majha (Marathi) and ABP Asmita (Gujarati), ABP Sanjha (Punjabi) and ABP Ganga (Hindi).
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
Zee Media posts consolidated revenue of Rs 137.03 crore for Q2 FY20
ZMCL has recorded 4.4% growth in operating revenue for first half of FY20
Zee Media Corporation Ltd (ZMCL) has posted a 4.4 per cent growth in operating revenue to Rs 337.6 crore in the first half of FY20, as per media reports.
It has reported a consolidated revenue of Rs 137.03 crore for Q2 FY20.
In a statement, ZMCL has said: “During the quarter, the network expanded its footprint s into Southern India through the launch of Zee Hindustan in Tamil and Telugu languages. This is intended to make the network's content accessible to wider audience.”
The operating expenditure in Q2FY20 has dropped by 21.7 per cent.
The statement further said: “EBITDA for HlFY20 improved by 34.1 per cent to Rs 1,029 million from Rs 767.5 million EBITDA for H1FY19, while the same declined by 9.4 per cent to Rs 370.2 million from Rs 408.7 million for the corresponding period last financial year. EBITDA Margin grew from 23.7 per cent in H1FY19 to 30.5 per cent in HlFY20, while growing from 24.2 per cent in Q2FY19 to 27 per cent in Q2FY20.”
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
No slowdown here: In-cinema ad rates up by at least 50% for 3 big Diwali releases
Housefull 4, Made In China and Saand Ki Aankh ready to hit the silver screen this week, with the hopes of giving brands the eyeballs they look for in theatres
It’s that time of the year again when theatres gear up to pocket maximum gains. Diwali is here and there are three films ready to hit the silver screen this week--Housefull 4, Made In China and Saand Ki Aankh. The festive period brings much joy to exhibitors, distributors and theatre owners because it ensures footfalls, giving brands the eyeballs they look for. In fact, industry experts don’t feel that economic slowdown this year has impacted in-cinema advertising. While they are concerned about three movies clashing during Diwali, they predict 50-100 per cent rise in ad rates during this period.
Advertising moolah
Mohan Umrotkar, CEO, Carnival Cinemas, is expecting 60-70 per cent surge in advertisement topline compared to last year. “Going by the buzz and advance booking for these three releases, market is bullish. Advertisers have blocked most of the advt-slots during the festival period. Housefull 4, Made In China and Saand Ki Aankh all combined together should generate around Rs 350 crore topline at the box office during the festival week. We are expecting 60-70 per cent surge in the advertisement topline from last year. Also, this year we have added around 14 per cent new advertisers, and 4 per cent of them are first-time cinema advertisers,” he says.
But according to Siddharth Bhardwaj, Chief Marketing Officer - Head of Enterprise Sales, UFO Moviez, things have changed a lot in the last couple of years. “Since some films have not really lived up to their expectation, advertisers are spreading the spends all through the year. They are picking up far more number of titles in the year rather than focusing only on Diwali or Eid.”
“It is good for the industry because you can monetise the inventories beyond just big weeks. A lot of content- driven films have come up which has given us the opportunity to monetise more markets. It has put lesser pressure on Diwali. Most of the cinemas are sold out for Diwali. It becomes difficult to accommodate everything,” Bharadwaj opines. He also reveals that for this week, the inventories are already full.
Diwali ad rates
Experts reveal that ad rates differ from property to property and depends on location as well. But Diwali surely sees a massive hike in rates. This year, theatre owners are expecting 100 per cent rise in ad rates. While Umrotkar revealed that for Diwali, they are charging 100 per cent higher than the regular card rates, Girish Johar, trade analyst and film producer, shared that even the rates for putting up kiosks of brands go up during festivals like Diwali.
“It’s based on property. On a ballpark, ad rates double up. So if you are putting up a kiosk, they charge say Rs 50,000-25,000 for a month. During Diwali, they charge almost double because of the kind of footfalls theatres witness,” Johar revealed.
Economic slowdown? Not for Cinema!
This year, brands have been pulling back their spends on other mediums due to economic slowdown, but cinema seems unaffected. Calling entertainment business recession-proof, Johar explains, “If you see the other side, box office is up by 15-20 per cent. Yes, it is a bit subdued because the brands are in a wait-and- watch scenario. They are increasing their focus around consumption rather than awareness.”
Bharadwaj too seconded it by saying, “These are challenging times but our medium is very efficient. If you see economy has slowed down, but the cinema has grown instead.”
Clash cover
Three movies are clashing this Diwali which means shared screens and box office gains.
“It’s never good for us when two or more big-ticket films release together. If they would have come on different dates, there are chances that more advertisers will take advt. inventory in those weeks separately instead of that one particular week,” shares Umrotkar.
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
INOX Leisure Ltd sees 42% growth in total revenue
Profit After Tax up 327% to Rs 51 crore
INOX Leisure Ltd (INOX) has reported financials for the second quarter ending September 2019.
Its total revenue has risen to Rs 524 crore with a 42% growth from Rs 369 crore in the corresponding quarter in FY19. Its EBITDA has more than doubled to Rs 107 crore with a 121% growth, while the PAT stood at an impressive Rs 51 crore, up 327% from previous year’s second quarter.
Siddharth Jain, Director, INOX Group, said: “At INOX, setting new benchmarks is now a routine, thanks to our consistently sharp focus on luxury, service and technology and our uncompromised desire to offer our patrons, nothing but the latest and the best! We are delighted with our remarkable consistency on all parameters, and we are sure about maintaining the momentum and focus on innovativeness. Content once again proved that why we term it as the ‘hero’. Thanks to the creators of such spellbinding movies, which keep inviting our guests to our properties, and allowing us to pamper them with our signature hospitality. With the launch of Megaplex, we are delighted to further our endeavor of developing experience-driven cinema destinations of global standards, and we will continue to do so. On behalf of Team INOX, I assure all our stakeholders that we will continue to break barriers and exceed all expectations.”
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
Hathway Cable & Datacom reports 100% subscription collection efficiency in Q2
The broadband subscriber base has increased from the previous quarter’s 840,000 to 860,000
Hathway Cable and Datacom has reported subscription collection efficiency at 100%, and the broadband subscriber base has increased from previous quarter’s 840,000 to 860,000 in quarter ending September, as per media reports.
It has narrowed its consolidated net loss by 74% and the operating EBITDA has been reported 15% up to Rs 107.5 crore compared to Rs 93.1 crore a quarter ago.
The total income has dropped 2%, while the expenditure is down 6%.
In the financial results, the company has said the FTTH markets are leading growth in customer acquisition.
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp
ZEEL posts 7.4% YoY growth in total revenue for Q2 FY20
ZEEL's domestic advertising revenue has grown 1.4% YoY in Q2FY20
Zee Entertainment Enterprises Limited (ZEEL) has reported a consolidated revenue of Rs 2,122 crore for the second quarter of FY20, recording a growth of 7.4% on YoY basis.
The Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was recorded as Rs 692.9 crore with an EBITDA margin of 32.7%. PAT for the quarter was Rs 413.2 crore. The Profit After Tax (PAT) for the quarter was Rs 413.2 million, with a growth of 6.9% YoY.
During the second quarter, ZEEL’s consolidated advertising revenue grew by 1.2% YoY to Rs 1,224.7 crore. The domestic advertising revenues grew by 1.4% YoY to Rs 1169 crore.
ZEEL has posted 26.8% YoY growth in Q2FY20 domestic subscription revenue. ZEEL’s consolidated subscription revenue grew by 19.0% to Rs 723.5 crore during the quarter.
ZEEL’s total expenditure in Q2FY20 stood at Rs 1429.1 crore, higher by 9.9% YoY compared to Q2FY19.
While ZEE5 recorded a peak DAU (Daily Active User) base of 8.9 million in September 2019, ZEE5 users watched an average of 120 minutes of content on the platform in the same month.
During Q2 FY20, the television network had an all-India viewership share of 18.4%.
During the quarter, ZEEL’s international business revenue was Rs 208.2 crore. The advertising and subscription revenues for international business declined by 4.0% YoY and 21.5% YoY, respectively.
Zee Music Company has registered 7.1 billion views on YouTube in Q2.
Punit Goenka, Managing Director and CEO, ZEEL, said, “I am pleased with the performance we have exhibited during the quarter. Our entertainment portfolio continues to grow from strength to strength across all formats and maintained its leading position. Our television network has emerged stronger post the implementation of tariff order on the back of a strong customer connect and brand pull of its channels. ZEE5 continued to gain traction across audience segments and markets, driven by its compelling content library and expanding list of partnerships across the digital eco-system. This strong operating performance allowed us to deliver industry leading growth in both advertising and subscription despite the tough macro-economic environment. Domestic subscription growth of 27% has reaffirmed the value proposition our television network has built over the years. The impact of tariff order has now largely settled down and has brought increased transparency along with improved monetization. Our domestic advertising revenue growth, though significantly lower than historical trend, is higher than the industry growth. We have witnessed an improvement in ad spends through the quarter and we believe that the onset of festive season along with measures taken by the government will help revive the consumption growth.”
Read more news about (internet advertising India, internet advertising, advertising India, digital advertising India, media advertising India)
For more updates, be socially connected with us onInstagram, LinkedIn, Twitter, Facebook Youtube & Whatsapp