Star India Suffers a Monumental Loss of 1216 Crores
Indian Media and entertainment giant, Star India has reported a loss of Rs. 1,216 crore as compared to a net profit of Rs. 287.7 crore in the fiscal year, 2019. According to its recent filings with the registrar of companies (RoC), the conglomerate recorded an expense of Rs. 4,000 crore on its flagship asset, The Indian Premier League (IPL) and also saw an increase in its revenue by 35% this year. However, despite the increase in revenue, the company suffered losses.
The news of the loss came only a few weeks after Sanjay Gupta, former Star and Disney India managing director made an exit to join Google India as the Vice-President of sales and operations for the country.
Star India is an Indian media conglomerate, which has a network of over sixty channels in different languages. The media giant is a wholly-owned subsidiary of The Walt Disney Company India and recently announced the merger of its digital arm, Hotstar with Disney.