management, ~15-20 of Den's 400 channels have sticky viewership. Hence, while the consumer wallet share is likely to remain largely unchanged, the average number of subscribed channels could reduce from ~200-250 currently to ~150, translating into bandwidth fee of INR170/sub per month to be paid to distribution platforms. This, coupled with 20-35% distribution fee & discount/incentives paid by broadcasters and the upside from carriage/placement, could potentially translate into ~INR4-5b positive revenue swing for DEN. While management is confident about the implementation of...