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Neo Sports Broadcast FY'10 revenue at Rs 4 bn
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Neo Sports Broadcast, the broadcasting business which runs sports channels Neo Sports and Neo Cricket, has suffered a net loss of Rs 3.43 billion for the fiscal ended March 2010.

The company, which holds the exclusive telecast rights for all BCCI cricket in India till 2014, has posted an income of Rs 4.09 billion from sales for FY'10.

Income from ad sales (Neo Cricket) for the fiscal stands at Rs 2.70 billion. Domestic subscription income during this period was at Rs 911.04 million.

International subscription income stood at Rs 99.91 million, while international ad sales was at Rs 41.15 million. Other income for the period was Rs 333.28 million.

The cost of sports rights, at Rs 6.43 billion, eroded the bottomline as well as the Ebitda. The total expense for the fiscal ended 31 March 2010 was Rs 7.47 billion.

As of March 2010, Neo Sports Broadcast has accumulated loss of Rs 11.60 billion.

The economic position may ease has Neo has worked out a subscription deal with TheOneAlliance for cable, while it retains rights to distribute the channels on DTH.

Nimbus currently holds an indirect 48.94 per cent stake in Neo Sports Broadcast through Zenith Sports (Zenith). It is a joint venture company with one of the promoters and Paramount Corporation.

Nimbus has already got FIPB approval to acquire the remaining shares of Zenith from Paramount for an aggregate consideration of Rs 0.36 million, as per the agreement.
itv.com
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