Bisnis.com, JAKARTA — The annual general meeting (AGM) of media and entertainment company PT MNC Vision Networks (IPTV) held on June 23, 2025, has greenlit a private placement, the revival of Indovision, and a leadership reshuffle which includes the appointment of Kevin Sanjaya, former badminton athlete and son-in-law of media tycoon Hary Tanoe, into the company’s board.
The private placement will involve the issuance of 10% of the company’s total subscribed and paid-up shares. The funds raised will then be allocated to the company’s subsidiaries, specifically PT MNC Kabel Mediacom and PT Digital Vision Nusantara.
PT MNC Kabel Mediacom (MKM), a fixed network provider, has been operating directly under IPTV with a 99.99% stake since 2019. MKM has also previously received capital injections, amounting to IDR708 billion in 2018, followed by IDR803.49 billion, IDR982.41 billion, and IDR245.06 billion from 2019 to 2021.
Meanwhile, PT Digital Vision Nusantara (DVN) has been operating in subscription-based television broadcast services since 2013. IPTV began acquiring DVN in 2019 with a 25% stake and gradually increased it to 99.99% by 2021. Following this, the company increased issued and paid-up capital from IDR1.49 trillion to IDR1.8 trillion by contributing 304,673 shares as in-kind capital.
In a separate disclosure, IPTV also announced the development of another subsidiary, PT MNC Sky Vision Tbk. (MSKY), which is listed on the Indonesia Stock Exchange (IDX). MSKY will revive MNC Vision’s former brand, Indovision, in a bid to attract new customers.
“Looking at current market conditions, there is a strategic shift where the profile of IPTV’s current customers falls into two target markets, namely the elderly and children. Therefore, we hope that bringing back the Indovision brand will create more appeal for Indonesian families,” said MNC Sky Vision director Adita Widyansari.
All of this appears to be in response to IPTV’s Q1 results, which reported a 22.33% year-over-year (YoY) revenue increase from IDR325.43 trillion to IDR398.1 billion. However, it was also accompanied by a larger 29.47% increase in the cost of revenue from IDR305.99 billion to IDR396.17 billion. As a result, the company reported a net loss of IDR45.86 billion, representing an increase of 11.85% from IDR41 billion.
The loss could also be attributed to the sale and transfer of MNC Play’s assets to Asianet and customer assets to Indosat, resulting in the company earning a total of IDR3.3 trillion from both transactions. Consequently, IPTV has set its full-year revenue target for 2025 at IDR1.52 trillion, representing a 9.59% decrease from the full-year revenue in 2024 (IDR1.68 trillion).
