NDTV to shut NDTV Profit, to shift business programmes to 24x7
NDTV executive co-chairperson Prannoy Roy says the company has decided to transfer NDTV Profit’s business programming to NDTV 24x7 from 5 June
New Delhi: New Delhi Television Ltd (NDTV), which runs a clutch of news and lifestyle channels, has decided to shut down its English business news channel NDTV Profit and introduce business programming on NDTV 24x7, starting on 5 June.
NDTV Profit currently runs as a dual channel with the infotainment channel NDTV Prime. From 5 June, NDTV Prime will continue operations as an independent infotainment channel.
“NDTV has decided to transfer its business programming from Profit to regular business and finance segments on NDTV 24x7. This will mean suspending the current trading hours programming on Profit while Prime will continue as a channel,” Prannoy Roy, executive co-chairperson at NDTV, said.
Roy added that the company hadn’t ruled out reviving the channel “when the circumstances are appropriate.”
“For now there will be high quality business and finance segments on NDTV 24x7 which will enhance viewer experience on NDTV 24x7 during daytime trading hours,” he said, in a statement.
According to the latest viewership data by television ratings measurement agency Broadcast Audience Research Council (Barc) India, NDTV Prime/Profit ranked third in the list of English business news channels, after ET Now and CNBC TV18, in the week that ended 26 May.
Apart from NDTV Profit/Prime, the company operates news channels NDTV India and NDTV 24x7, lifestyle channel NDTV Good Times and e-commerce verticals in ethnic wear (IndianRoots.com), automobiles (CarAndBike.com), gadgets (Gadgets360.com), health foods (SmartCooky.com) and wedding preparations (BandBaajaa.com) sectors.
Last month, the company had sought shareholder approval for the sale of indianroots.com, operated by NDTV Ethnic Retail Pvt Ltd, in a filing to the BSE.
In addition, NDTV also proposed the sale of a 2% equity stake by NDTV Networks Ltd in NDTV Lifestyle Holdings Ltd (Lifestyle Holdings operates NDTV Goodtimes), to Nameh Hotels & Resorts Pvt Ltd. Nameh Hotels & Resorts is a company with interests in hotels, camping sites and other short-stay accommodation.
For the quarter ended 31 March, NDTV had reported a consolidated net profit of Rs5 crore, compared to a loss of Rs0.8 crore in the year-ago period. NDTV’s television news business generated revenue of Rs128 crore, down from Rs149 crore in the same period last year.