MUMBAI: Sun TV Network has extended the term of its managing director and chief executive officer K Vijaykumar by five years.
Founder-promoter Kalanithi Maran will continue to be executive chairman while wife Kavery Kalanithi will also remain as executive director of the company for another five years.
The board of directors of Sun TV Network, which met on 24 February, re-appointed Vijaykumar as MD and CEO, Kalanithi Maran as executive chairman and Kavery Kalanithi as executive director of the company for a period of five years with effect from 20 April 2017, Sun TV Network said in a filing to BSE.
Sun TV Network is the largest regional broadcaster in India and operates channels across four Southern languages, namely Tamil, Telugu, Kannada and Malayalam. It airs FM radio stations across India and owns the Sun Risers Hyderabad Cricket Franchise of the Indian Premier League (IPL).
In the fiscal third quarter ended 31 December 2016, Sun TV Network reported a 10.98% increase in net profit amid growth in subscription revenue and a fall in expenses. Net profit stood at Rs 240.09 crore compared to Rs 216.33 crore a year ago. Income from operations for the quarter was up 3% to Rs 589.43 crore from Rs 573.24 crore a year ago. Total income was higher by 4% at Rs 628.36 crore from Rs 602.16 crore. Subscription revenue for the quarter was up 17 % to Rs 241.94 crore from Rs 207.16 crore.
As reported earlier by TelevisionPost.com, Sun TV Network promoters are one of the highest paid corporate executives in the country. Kalanithi Maran and his wife Kavery Kalanithi took home Rs 71.47 crore (Rs 714.7 million) each as salary plus bonus in FY16.
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