TV Today reported a weak set of numbers as the dual impact of new tariff order (NTO) and pre-emptive volume cut to improve ad volume led to a steep decline in TV broadcasting revenues of 11% YoY to | 141.5 crore. We note that this was a steeper decline than Zee Media and TV18 (business, national news) that reported 3.9% YoY and 1% YoY revenue decline for the quarter, respectively, due to NTO impact. The overall topline at | 165.7 crore was down 8.6% YoY. The performance of the radio business was also weak as it reported ~32% YoY revenue decline (albeit on a small base) to | 4.7...