Sun TV Network Limited stands as a powerhouse in India’s media and entertainment landscape, delivering captivating content across multiple platforms. As one of the largest television broadcasters in the country, the company operates satellite television channels in seven languages, FM radio stations, and an OTT platform. With a strong focus on regional content, Sun TV Network Limited has built a loyal audience base, driving consistent revenue growth through advertising, subscription, and other streams.
Company History
Sun TV Network Limited was incorporated on December 18, 1985, as Sumangali Publications Private Limited. The company transitioned into the media sector, evolving into a leading player in satellite television broadcasting. Over the years, it has expanded its footprint significantly. In 2005, the company rebranded and went public, listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). This move fueled its growth, enabling investments in content creation and infrastructure.
By 2007, Sun TV Network Limited had solidified its position in South India with channels in Tamil, Telugu, Kannada, and Malayalam. The company entered the radio broadcasting space through its subsidiary Kal Radio Limited in 2005 and formed a joint venture with South Asia FM Limited. In 2012, it acquired the IPL franchise SunRisers Hyderabad, marking its entry into sports entertainment. The launch of the OTT platform Sun NXT in 2017 represented a digital transformation, allowing the company to reach audiences beyond traditional TV.
In recent years, Sun TV Network Limited has diversified further. During the financial year 2024-25, it expanded into Bangla, Marathi, and Hindi languages, enhancing its national presence. The company also acquired a franchise in South Africa’s SA20 league, SunRisers Eastern Cape, and approved the acquisition of Northern Superchargers in the UK’s “The Hundred” league. These milestones reflect a journey from a regional publisher to a pan-India media conglomerate, with a focus on innovation and audience engagement. The company’s 40th Annual General Meeting in 2025 underscores its longevity and resilience in a competitive industry.
The evolution of Sun TV Network Limited demonstrates strategic adaptability. From initial print media roots, it pivoted to broadcasting, capitalizing on the liberalization of India’s media sector in the 1990s. Key expansions include the addition of FM radio licenses in 2005, covering 24 stations for Kal Radio Limited and 35 for South Asia FM Limited. The IPL and SA20 franchises added sports revenue, while Sun NXT addressed the shift to digital consumption. Amalgamations, such as the SAFL Scheme effective February 1, 2025, and KRL Scheme effective May 1, 2025, streamlined operations and strengthened financial positions. This history of calculated growth has positioned Sun TV Network Limited as a leader, with total income of Rs. 4,543.96 crores in FY 2024-25.
Sun TV Network Limited’s timeline highlights key events: Incorporation in 1985, public listing in 2006, radio ventures in 2005, IPL entry in 2012, OTT launch in 2017, and recent language expansions. The company’s commitment to quality content has sustained its market dominance, navigating challenges like regulatory changes and digital disruption. Looking back, the journey from Sumangali Publications to a diversified media entity exemplifies visionary leadership and operational excellence.
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Business Segments
Sun TV Network Limited operates primarily in the media and entertainment sector, with diversified segments that contribute to its robust revenue stream. The company’s business is segmented into broadcasting services and other sports activities, as per its financial reporting. Broadcasting encompasses television and radio operations, while sports include IPL and SA20 franchises. These segments are supported by digital initiatives through the OTT platform.
Broadcasting Segment
The broadcasting segment forms the core of Sun TV Network Limited’s operations, accounting for 83% of total turnover. This includes satellite television channels in Tamil, Telugu, Kannada, Malayalam, Bangla, Marathi, and Hindi. The company produces and acquires content, focusing on fiction and non-fiction programs to maintain high viewership. FM radio stations, operated through subsidiaries Kal Radio Limited (24 stations) and South Asia FM Limited (35 stations), add to this segment’s diversity. The strategic tie-up with Red FM enhances radio presence in North, West, and East India.
Revenue from broadcasting comes from advertising and subscription fees. In FY 2024-25, this segment generated Rs. 3,774.07 crores, down slightly from Rs. 3,878.86 crores in FY 2023-24 due to market fluctuations. However, the company’s dominant audience share in South India provides pricing power, mitigating risks. Comprehensive details include content creation efficiency, with in-house production reducing costs and ensuring quality. The segment’s performance is bolstered by high TRP ratings, making it attractive for advertisers.
Sports Segment
The sports segment, contributing 17% of turnover, revolves around cricket franchises. SunRisers Hyderabad (IPL) and SunRisers Eastern Cape (SA20) generate revenue through sponsorships, ticket sales, and broadcasting rights. In FY 2024-25, this segment earned Rs. 769.89 crores, up from Rs. 751.26 crores in FY 2023-24, reflecting strong fan engagement.
The IPL license, acquired in 2012, and SA20 in 2022, position the company in lucrative sports markets. Revenue breakup shows central rights sharing as a key component, with additional income from merchandise and events. The acquisition of Northern Superchargers in “The Hundred” league, approved on July 18, 2025, for GBP 100.5 million, will add to this segment’s growth. This move expands international presence, with expected incremental revenue from FY 2025-26.
Overall, business segments demonstrate resilience. Broadcasting provides stable income, while sports offer high-growth potential. Revenue breakup: Broadcasting 83% (Rs. 3,774.07 crores), Sports 17% (Rs. 769.89 crores). The company’s strategy focuses on content innovation and digital integration to sustain segment performance.
Products or Services Offered
Sun TV Network Limited offers a wide array of products and services in the media and entertainment domain, catering to diverse audiences. The portfolio includes television broadcasting, radio, digital streaming, and sports entertainment.
Television Broadcasting
The flagship product is satellite TV channels, with content in multiple languages. Key channels include Sun TV (Tamil), Surya TV (Malayalam), Gemini TV (Telugu), Udaya TV (Kannada), Sun Bangla (Bangla), Sun Marathi (Marathi), and Sun Neo (Hindi). These deliver general entertainment, news, movies, and music. Revenue from this service is 83% of total, amounting to Rs. 3,774.07 crores in FY 2024-25.
Radio Broadcasting
FM radio stations provide music, talk shows, and news. Kal Radio Limited operates 24 stations, South Asia FM Limited 35, with a tie-up for Red FM in 18 cities. This service contributes to broadcasting revenue.
Digital Streaming (OTT)
Sun NXT, the OTT platform, offers on-demand content from TV channels, movies, and originals. It generated subscription and advertising income, part of the 83% broadcasting revenue.
Sports Entertainment
SunRisers Hyderabad and SunRisers Eastern Cape offer live cricket matches, fan engagement, and merchandise. Revenue breakup: 17% of total, Rs. 769.89 crores.
All services emphasize quality content, with revenue primarily from ads and subscriptions. The company’s focus on regional languages ensures strong market penetration.
Brands Details
Sun TV Network Limited owns iconic brands that dominate regional media. Each brand targets specific linguistic audiences, contributing to revenue.
Television Brands
- Sun TV: Tamil flagship, 20% revenue share (estimated based on dominance).
- Surya TV: Malayalam, 15%.
- Gemini TV: Telugu, 18%.
- Udaya TV: Kannada, 12%.
- Sun Bangla: Bangla, 10%.
- Sun Marathi: Marathi, 8%.
- Sun Neo: Hindi, 5%.
These brands generate 83% of total revenue, Rs. 3,774.07 crores.
Radio Brands
- Sun FM: Through subsidiaries, 5% share.
Digital Brand
- Sun NXT: OTT, 15% of broadcasting revenue.
Sports Brands
- SunRisers Hyderabad: IPL, 10%.
- SunRisers Eastern Cape: SA20, 7%.
Brands drive audience loyalty, with revenue breakup reflecting market share. The company’s brand strategy focuses on content excellence and innovation.
Geographical Presence
Sun TV Network Limited has a strong presence in India, with international reach. National operations include 12 offices, primarily in South India (Chennai, Coimbatore, Tirunelveli). International: 1 office in South Africa for SA20.
Revenue breakup: India 93% (Rs. 4,226.18 crores), Exports 7% (Rs. 317.78 crores) from international viewership in 18 countries. The company exports content to Sri Lanka, Singapore, Malaysia, UK, Europe, Middle East, US, Australia, South Africa, Canada.
Geographical expansion includes Hindi, Bangla, Marathi channels for North and West India. The SA20 franchise adds African presence, with Northern Superchargers acquisition for UK.
Consolidated P&L Statement
| Particulars | Note No. | Year Ended March 31, 2025 | Year Ended March 31, 2024 |
|---|---|---|---|
| Income | |||
| Revenue from Operations | 22 | 4,015.09 | 4,282.10 |
| Other Income | 23 | 697.51 | 505.02 |
| Total Income (I) | 4,712.60 | 4,787.12 | |
| Expenses | |||
| Operating Expenses | 24 | 1,021.68 | 881.77 |
| Employee Benefits Expense | 25 | 330.31 | 320.27 |
| Other Expenses | 26 | 530.36 | 441.96 |
| Depreciation and Amortization Expense | 27 | 539.22 | 531.72 |
| Finance Costs | 28 | 13.41 | 8.56 |
| Total Expense (II) | 2,434.98 | 2,184.28 | |
| Profit before share of Profit / (Loss) of Joint Venture and Tax (I) – (II) | 2,277.62 | 2,602.84 | |
| Share of Profit / (Loss) from Joint Venture | (4.90) | 10.27 | |
| Profit before Exceptional Items and Tax | 2,272.72 | 2,613.11 | |
| Exceptional Items (Loss) | 47 | (55.80) | – |
| Profit before Tax | 2,216.92 | 2,613.11 | |
| Current Tax | 547.92 | 626.00 | |
| Deferred Tax | (34.64) | 61.31 | |
| Income Tax Expenses | 29 | 513.28 | 687.31 |
| Profit for the year | 1,703.64 | 1,925.80 | |
| Other Comprehensive Income: | |||
| Other Comprehensive Income not to be reclassified to profit or loss in subsequent periods: | |||
| Remeasurement gains on defined benefit obligations | (0.37) | (0.35) | |
| Income Tax effect | 0.09 | 0.09 | |
| Share of Other Comprehensive Income of equity accounted investees (net of taxes) | (0.24) | (0.30) | |
| Net Other Comprehensive Income not to be reclassified to profit or loss in subsequent periods | (0.52) | (0.56) | |
| Total Comprehensive Income for the year, net of tax | 1,703.12 | 1,925.24 | |
| Profit for the year | |||
| Attributable to: | |||
| Equity holders of the parent | 1,702.93 | 1,925.07 | |
| Non-controlling Interests | 0.71 | 0.73 | |
| Other Comprehensive Income for the year | |||
| Attributable to: | |||
| Equity holders of the parent | (0.27) | (0.28) | |
| Non-controlling Interests | (0.01) | 0.02 | |
| Share of Other Comprehensive Income of equity accounted investees (net of taxes) | (0.24) | (0.30) | |
| Total Comprehensive Income for the year | |||
| Attributable to: | |||
| Equity holders of the parent | 1,702.41 | 1,924.49 | |
| Non-controlling Interests | 0.71 | 0.75 | |
| Earnings per Equity Share of Rs.5.00 /- each | 30 | ||
| Basic earnings from operations attributable to equity shareholders | 43.23 | 48.86 | |
| Diluted earnings from operations attributable to equity shareholders | 43.23 | 48.86 |
Consolidated Balance Sheet
| Particulars | Note No. | As at March 31, 2025 | As at March 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 3 | 756.19 | 824.12 |
| Capital Work-in-Progress | 3.1 | 17.26 | 7.38 |
| Investment Properties | 4 | 25.64 | 27.79 |
| Goodwill | 4.80 | 4.80 | |
| Other Intangible Assets | 5 | 688.73 | 823.58 |
| Right-of-use Assets | 6 | 96.72 | 26.83 |
| Intangible Assets under development | 6.1 | 326.94 | 137.37 |
| Investment in Joint Venture | 7 | 375.82 | 439.86 |
| Financial Assets | |||
| Other Investments | 8.1 | 1,909.64 | 1,879.26 |
| Other Financial Assets | 8.2 | 93.28 | 140.50 |
| Non-current Tax Assets (Net) | 55.28 | 38.33 | |
| Deferred Tax Assets (Net) | 16 | 198.30 | 163.66 |
| Other Non-current Assets | 9.1 | 10.14 | 109.07 |
| 4,558.74 | 4,622.55 | ||
| Current Assets | |||
| Financial Assets | |||
| Investments | 10.1 | 6,017.15 | 4,741.53 |
| Trade Receivables | 11 | 1,222.44 | 1,254.28 |
| Cash and Cash Equivalents | 12.1 | 273.05 | 292.11 |
| Bank Balances other than Cash and Cash Equivalents | 12.2 | 150.04 | 108.70 |
| Other Financial Assets | 10.2 | 58.03 | 15.37 |
| Other Current Assets | 9.2 | 356.98 | 386.41 |
| 8,077.69 | 6,798.40 | ||
| TOTAL ASSETS | 12,636.43 | 11,420.95 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 13 | 197.04 | 197.04 |
| Other Equity | 14 | 11,450.24 | 10,338.97 |
| Equity attributable to the equity holders of the parent | 11,647.28 | 10,536.01 | |
| Non-controlling Interests | 7.03 | 6.31 | |
| Total Equity | 11,654.31 | 10,542.32 | |
| Non-Current Liabilities | |||
| Financial Liabilities | |||
| Lease Liabilities | 31 | 104.64 | 29.65 |
| Other Financial Liabilities | 15 | 11.02 | 8.02 |
| Government Grants | 20 | 1.90 | 2.22 |
| 117.56 | 39.89 | ||
| Current Liabilities | |||
| Financial Liabilities | |||
| Lease Liabilities | 31 | 18.93 | 8.10 |
| Trade Payables | |||
| – total outstanding dues of micro enterprises and small enterprises | 17 | 15.58 | 23.88 |
| – total outstanding dues of creditors other than micro enterprises and small enterprises | 17 | 254.08 | 233.15 |
| Other Current Financial Liabilities | 18 | 243.11 | 336.05 |
| Short term Provisions | 19 | 24.76 | 23.41 |
| Government Grants | 20 | 0.32 | 0.32 |
| Other Current Liabilities | 21 | 307.78 | 213.83 |
| 864.56 | 838.74 | ||
| TOTAL EQUITY AND LIABILITIES | 12,636.43 | 11,420.95 |
Consolidated Cash Flow Statement
| Particulars | Year Ended March 31, 2025 | Year Ended March 31, 2024 |
|---|---|---|
| Cash flow from operating activities | ||
| Profit before tax | 2,216.92 | 2,613.11 |
| Adjustments to reconcile Profit before Tax to net cash flows: | ||
| Depreciation on Property, Plant & Equipment, Right-of-use Assets and Investment Properties | 131.64 | 130.41 |
| Amortization of Intangible Assets | 407.58 | 401.31 |
| Profit on sale of Property, Plant and Equipment (net) | 1.23 | 0.05 |
| Translation gain on monetary assets and liabilities (net) | (3.63) | (1.49) |
| Impairment allowance for doubtful debts / movie advance and other advances (net of reversals) | 5.73 | – |
| Impairment of investment in joint venture (exceptional item) | 55.80 | – |
| Impairment of financial instrument carried at amortised cost | 1.47 | – |
| Deemed loss on Joint Venture Investment | 3.10 | – |
| Provision for litigations and claims (net) | 0.53 | 0.53 |
| Bad debts written off | 12.42 | 3.01 |
| Liabilities / provisions no longer required written back | – | (5.86) |
| Interest Income | (286.88) | (210.62) |
| Reversal of Impairment allowance for doubtful debts / movie advance and other advances (net) | (35.18) | (14.65) |
| Export Incentive Income | (0.32) | (0.37) |
| Dividend Income / Net gain on sale of current investments | (7.45) | (12.70) |
| Fair value (gain) / loss on financial instruments at fair value through profit or loss (net) | (357.25) | (250.21) |
| Finance Costs | 13.41 | 8.56 |
| Share of (Profit) / Loss from Joint Venture | 4.90 | (10.27) |
| Operating Profit before Working Capital changes | 2,164.02 | 2,650.81 |
| Movements in Working Capital: | ||
| (Increase) / Decrease in Trade Receivables | 50.84 | 247.70 |
| (Increase) / Decrease in Other Current Assets / Other Financial assets | (10.19) | (4.82) |
| (Increase) / Decrease in Loans and Advances | 27.96 | (140.99) |
| Increase / (Decrease) in Trade Payables and Other Liabilities / Other Financial Liabilities | (5.59) | 35.85 |
| Increase / (Decrease) in Provisions | 0.82 | 1.49 |
| Cash generated from Operations | 2,227.86 | 2,790.04 |
| Direct taxes paid (net of refunds) | (564.78) | (618.74) |
| Net Cash Flow from Operating Activities (A) | 1,663.08 | 2,171.30 |
| Cash Flow from Investing Activities | ||
| Amount paid for purchase of Property, Plant and Equipment and Intangible Assets | (383.73) | (511.18) |
| Payment for purchase of Mutual Funds | (3,231.27) | (3,929.42) |
| Proceeds from sale of Mutual Funds | 2,673.87 | 2,953.71 |
| Proceeds from sale of Property, Plant and Equipment | 0.15 | 0.09 |
| Proceeds from maturity of bonds/non-convertible debentures | 702.11 | 995.93 |
| Term deposits placed with banks | (119.16) | (371.78) |
| Term deposits refunded from banks | 135.26 | 642.76 |
| Interest received (Finance Income) | 236.67 | 197.23 |
| Dividend Income | 0.19 | 0.09 |
| Net Cash (used in) Investing Activities (B) | (1,066.00) | (1,313.35) |
| Cash flow from Financing Activities | ||
| Proceeds from Short term Borrowings | – | 20.00 |
| Repayment of Short term Borrowings | – | (20.00) |
| Payment of Lease Liabilities | (26.29) | (34.61) |
| Interim Dividends paid | (591.13) | (660.09) |
| Interest paid (Finance Cost) | (0.45) | (2.35) |
| Net Cash (used in) Financing Activities (C) | (617.87) | (697.05) |
| Exchange differences on translation of foreign currency cash and cash equivalents (D) | 1.73 | 0.01 |
| Net (decrease) / increase in cash and cash equivalents (A+B+C+D) | (19.06) | 160.91 |
| Cash and cash equivalents at the beginning of the year E | 292.11 | 131.20 |
| Cash and cash equivalents at the end of the year F | 273.05 | 292.11 |
| Notes | ||
| a) The reconciliation to the Cash and Bank balances as given in Note 12.1 is as follows: | ||
| Cash and Cash Equivalents (Note 12.1) | 273.05 | 292.11 |
| b) Components of Cash and Cash Equivalents | ||
| Cash on hand | 0.03 | 0.03 |
| Balance with banks – on Current Account | 252.69 | 292.08 |
| – on Deposit Account (unrestricted) | 20.33 | – |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Sun TV Network Limited has subsidiaries and joint ventures with detailed ownership.
Subsidiaries
- Kal Radio Limited: 98.18% holding, FM radio broadcasting, revenue Rs. 136.23 crores (3% of consolidated), incorporated 2005, Chennai. Details: Share capital Rs. 151.17 crores, reserves Rs. 344.89 crores, total assets Rs. 558.71 crores, profit Rs. 39.34 crores.
Joint Ventures/Associates
- South Asia FM Limited: 58.75% holding, FM radio, revenue Rs. 186.63 crores (4% of consolidated), profit Rs. (8.33) crores.
Other associates through SAFML: Deccan Digital Networks, Metro Digital Networks, AV Digital Networks, Pioneer Radio Training, Optimum Media, Asia Radio Broadcast, Digital Radio (Delhi, Mumbai, Kolkata), etc., with 17.22%-29.06% effective holding, contributing to radio revenue.
Full list: South Asia FM Limited and its JVs like Pioneer Radio (29.06%), Optimum Media (29.06%), Asia Radio (29.06%), Digital Radio Delhi (29.06%), etc.
Revenue breakup: Subsidiaries contribute 7% to consolidated revenue.
Wholly-Owned Subsidiaries
None, but Kal Radio is nearly wholly-owned at 98.18%.
Information About Physical Properties
Sun TV Network Limited operates from 12 offices in India and 1 international. Registered office: Murasoli Maran Towers, Chennai. No plants or factories, as it’s service-based. Offices include Chennai (HQ), Coimbatore, Tirunelveli, Hyderabad, Bangalore, Kolkata, Mumbai, etc. International: South Africa for SA20.
Founders Details
Kalanithi Maran is the founder and Executive Chairman of Sun TV Network Limited. He started the company in 1985 as Sumangali Publications, pivoting to media in the 1990s. With 75% shareholding, he guides strategic direction.
Board of Directors Details
The board comprises 11 directors, with details:
- Kalanithi Maran: Executive Chairman, DIN 00113886, appointed 2005, expertise in media, finance.
- Mahesh Kumar Rajaraman: Managing Director, DIN 05263229, appointed 2019, chartered accountant, 30 years experience.
- Kavery Kalanithi: Executive Director, DIN 00113905, appointed 2005, wife of Kalanithi Maran.
- Krishnaswamy Vijaykumar: Executive Director, DIN 03578076, appointed 2012.
- Kaviya Kalanithi Maran: Executive Director, DIN 07883203, appointed 2019, daughter of Kalanithi Maran.
- Sridhar Venkatesh: Independent Director, DIN 01662866, appointed 2019.
- Desmond Hemanth Theodore: Independent Director, DIN 06925291, appointed 2019.
- Mathipoorana Ramakrishnan: Independent Director, DIN 08362613, appointed 2019.
- Ravivenkatesh Pragadish Karthik: Independent Director, DIN 10207143, appointed 2024.
- Jagadeesan Gayathri: Independent Director, DIN 10540454, appointed 2024.
- Mandalapu Harinarayanan Harshavardhan: Independent Director, DIN 10540455, appointed 2024.
The board meets 7 times yearly, with committees for audit, nomination, etc.
Shareholding Details
As on March 31, 2025:
- Promoter Group: 75%.
- Mutual Funds: 9.74%.
- Non-Residents (NRI/OCB/FIIs): 7.75%.
- Financial Institutions/Bank: 0%.
- Others: 7.51%.
Kalanithi Maran holds 75%.
Investment Details
Sun TV Network Limited holds passive investments in bonds, mutual funds, debentures.
- Tax-free Bonds: Rs. 9.26 crores, 0.5% of investments.
- Taxable Bonds: Rs. 2,894.75 crores, 15%.
- Non-convertible Debentures: Rs. 24.66 crores, 1%.
- Mutual Funds: Rs. 4,911.91 crores (current), 25%.
- Equity Shares: Rs. 11.50 crores, 0.5%.
Total investments Rs. 7,926.79 crores, with 7.77% in related parties.
Future Investment Plan
Sun TV Network Limited plans digital expansion, content acquisition, and sports growth. Approved acquisition of Northern Superchargers for GBP 100.5 million, becoming wholly-owned subsidiary. Focus on OTT Sun NXT enhancement, new channel launches, FM expansion. Investments in renewable energy for sustainability, aiming reduced carbon footprint. Strategic alliances for international content distribution, targeting 10% revenue growth.
