After being hurt by IPL in May 2018, and then by ARASU withdrawing feeds in June 2018, the viewership share for Sun TV channel has increased by 280bp in the last six weeks. Uptick in viewership share on resumption of ARASU feeds, new launches, and increasing share of commission-model-based shows should drive 13% CAGR in ad revenue over FY18-20. Foray into the Bangla genre (market size: INR7b), which is likely before the end of FY19, could cost ~INR1.5b annually, translating into 3-5% loss of PBT. However, it should expand SUNTV's target market and earnings growth potential