Free-to-Air (FTA) refers to television channels that viewers can access without paying subscription fees. Essentially, these channels are broadcast openly, and viewers only need a basic antenna or cable connection—no extra monthly charge applies. The primary source of revenue for these channels typically comes from advertisements, rather than from subscription fees.

“So Mr. Parekh, I think there are two aspects to this. One being our re-entry into the FTA space, which did not exist last year. So, that is a completely new segment of free-to-air where we've re-entered. That should help us to get some part of this achieved. And then also our aspirations with, as I spoke in my opening remarks about the mini-series and what we intend to do with ZEE5, etc., will aid this growth factor that we are looking for.”

— Punit Goenka, CEO

resolution and remove a significant overhang on the stock. The ZEE-Star case is a legal dispute over a failed $1.4 billion sub-licensing deal for ICC cricket broadcasting rights, with Star accusing ZEE of breaching payment terms and ZEE countering with claims of unmet conditions.

“Now that the merger between Jio and Star is completed, and you are now dealing with a different party—”

“Is there a possibility of an out-of-court settlement approach here? And if so, what could be the financial implications of that strategy?”

“So, it's very early days, but we are open to all possibilities available to us—both legal and non-legal, including out-of-court settlements. But it’s too early for us to comment on that at this stage.”

“No, that’s it. That’s pretty much what PG has said. It’s still a long way to go before we know the outcome, but as PG mentioned, we are definitely open and are working on deploying all strategies—legal and non-legal.”

— Punit Goenka, CEO

Management anticipates the Jio-Star merger will eventually have a positive impact on advertising rates for the entire industry, including ZEE. It is also leading to more favorable terms for ZEE in acquiring content, potentially improving cost structures.

“I think on the first part, on the advertising front, it's still very early days, Aditya. But I do expect that eventually it will have a positive impact on the overall industry. So let’s hope for the best. As I said in my opening remarks, I’m an optimist, so I expect this will benefit us as well.”

“We are already seeing a lot of benefit coming through on the acquisition of content—probably not on production yet, because production is a commoditized business where we work with multiple suppliers. But on the acquisition side—whether it’s for films or the OTT business—we are already beginning to see real benefits flowing through for the entire industry.”

— Punit Goenka, CEO