Correct Answer is: I dont know. 
With that high pedestal my further answers are only probabilistic.
With nearly half the MCap in Cash & Equivalents, perhaps the management saw themselves as a takeover target – especially with Adani-NDTV play. So as in the movie Other Peoples Money – OPM – they had to de-sweeten themselves.
Generally all TV – Entertainment entities are finding going tough. TVToday (TVT) has a slim baggage, i.e News and slightly pesky Radio unit which is leaking money. Others have general entertainment as a mode of business which is usually hit-miss depending on the content. News is always around, especially gruesome news. One can watch news without volume, useful as screen fillers in crowded areas like Airports, Trainstations, public display entities.
TVT usually peak earnings with election season. We have a few coming up.
Few Fund houses are on board as shareholders for relatively safety concerns in terms of management, balance sheet, possible dividends and lastly a take over from non-Adani group – as NDTV is already in that group.
Finally the company is doing fairly well in Digital department and I see their videos being recommended on YouTube. For Finance aspects they have roped in Udayan Mukherjee a fairly eminent anchor, who asks intuitive Qs rather than ‘whats your prediction of Nifty …’.
My buy quite a while ago was on Cable reforms coming in around 2013s. But that has played out. Now it is OTT season and management needs to rejig their approach.
Each of the above points will have a subjective probability associated and one has to feel comfortable to buy or hold for the future.
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