E.tv parent eMedia Holdings has reported a 20.9% year-on-year jump in interim headline earnings per share, even as a slump in television advertising sent its revenue sliding 3.2%.
The results, for the six months to end-September 2025, showed surprising resilience in earnings despite one of the toughest television advertising environments South African broadcasters have faced in years.
Profit from continuing operations rose 18% to R174.8-million while operating profit growth was a more modest 5.2% to reach R232.7-million.
While TV ad spend fell sharply across the market in the six months to September 2025, eMedia said it outperformed its peers – and even grew profit – thanks to disciplined cost control, a strong primetime content slate and early momentum in its digital and satellite platforms.
The board declared a 14c/share interim dividend (unchanged from a year ago) – signalling confidence in the business despite the macro headwinds.
Company executives credited the outcome to aggressive cost optimisation and scheduling discipline. eMedia’s flagship free-to-air channel e.tv and its stable of multichannel offerings continue to do well in primetime viewing. The company retained a 33.5% primetime audience share, keeping it ahead of major competitors, and that ratings leadership helped soften the impact of shrinking advertiser budgets.
Digital
But it’s eMedia’s digital trajectory that may matter most for its long-term health. The group’s streaming platform, eVOD, continues to gain traction, posting growth in unique users, viewing time and overall catalogue depth. The platform now offers more than 9 000 hours of content, much of it locally produced, allowing eMedia to leverage its production muscle across both linear and digital formats.
Free-to-air satellite platform Openview remains a powerful part of the portfolio. With a multichannel market share of about 13.1% (excluding e.tv), Openview gives eMedia reach into households that remain underserved by broadband or subscription TV.
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eMedia is also investing upstream in content creation. A newly acquired 30% stake in Pristine World Holdings, a visual-effects and production business, signals a deeper move into owned intellectual property, production services and export-grade content.
Layered onto the operational results is a structural move that may reshape eMedia’s future: the recent full consolidation of eMedia Investments into the holding company. By buying out the remaining 32.3% stake previously held by Venfin Media Beleggings, eMedia has simplified a historically complex ownership structure. It now enjoys complete control over its broadcasting assets.
This streamlining is more significant than it appears. It sets eMedia up for faster strategic decision-making, cleaner capital allocation and reduced friction in executing its digital expansion. In an era where broadcasters must pivot rapidly – whether into streaming, content production, partnerships or acquisitions – structural simplicity is a competitive advantage.
It also positions the group more clearly for potential future transactions: whether attracting strategic investors, unlocking new financing mechanisms or responding to shifts in South Africa’s broadcast and communications regulatory landscape.
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Still, eMedia’s model remains exposed to South Africa’s fragile advertising economy, and the group will need to demonstrate that digital revenue can scale meaningfully in the years ahead. – © 2025 NewsCentral Media
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