MUMBAI: 21st Century Fox (21CF) CEO James Murdoch has indicated that the company’s Star India business might not have hit the $500 million EBITDA target in FY18. In the same breath, he also stated that the company’s EBITDA was not very far away from the avowed target.

Murdoch noted that the company has made a big investment in Hotstar. On an earlier occasion, Murdoch had stated that the company will invest $50 million in the Hotstar platform in FY18.

The American media conglomerate’s EBITDA target from the India business for FY18 was $500 million. For FY20, the target is a more ambitious $1 billion.

The company announced its Q4 and FY18 results on 8 August. 21CF CFO John Nallen said that the company’s international cable revenue increased 25% led by advertising growth of 55% and a 12% increase in reported affiliate revenue in Q4.

The sharp increase in ad revenue was led by the successful debut of IPL tournament on Star Sports, he added. He also said that the reported international EBITDA increased 53% led by higher contributions from both Star Sports and its entertainment business. Read more from…

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