Bisnis.comJAKARTA — The annual general meeting (AGM) of media and entertainment company PT MNC Vision Networks (IPTV) held on June 23, 2025, has greenlit a private placementthe revival of Indovisionand a leadership reshuffle which includes the appointment of Kevin Sanjayaformer badminton athlete and son-in-law of media tycoon Hary Tanoeinto 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 Indosatresulting 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).
Key Financial Highlights & Strategic Initiatives
To provide a clearer picture of the recent developments at MNC Vision Networks (IPTV) and its subsidiaries, here’s a summary of key financial data and strategic moves:
| Metric | Q1 2025 (IDR Trillion) | 2024 (Full Year) (IDR Trillion) | Change/Action |
|---|---|---|---|
| Revenue | 0.3981 | 1.68 (Full Year 2024) | Increase of 22.33% YoY (Q1 2025) / Targeted Decrease of 9.59% to 1.52 (2025) |
| Cost of Revenue | 0.39617 | N/A | Increase of 29.47% YoY (Q1 2025) |
| Net Loss | 0.04586 | N/A | Increased 11.85% (Q1 2025) |
| Private Placement | N/A | N/A | Issuance of 10% of shares; Funds allocated to MNC Kabel Mediacom and digital Vision Nusantara |
| Subsidiary expansion | N/A | N/A | Revival of Indovision brand under MNC Sky Vision (MSKY) to target Indonesian families |
| Asset Sales | N/A | Total 3.3 (IDR TrillionRevenue from the sale of MNC Play assets to Asianet & Indosat | Strategic realignment in response to changing market. |
Frequently Asked Questions (FAQ)
Q: What is a private placement?
A: A private placement is a method of raising capital by selling shares of a company to a select group of investors, rather than offering them to the general public. In this case, IPTV is using a private placement to inject funds into subsidiaries.
Q: Why is Indovision being revived?
A: Indovision is being revived because the company wants to target a broader audience, specifically Indonesian families. The strategic move aims to capitalize on a shift in customer demographics towards elderly individuals and children and improve the company’s appeal
Q: What’s the significance of Kevin Sanjaya’s appointment?
A: The appointment of Kevin Sanjaya, a former prominent badminton athlete and the son-in-law of media tycoon Hary Tanoesoedibjo (Hary Tanoe), is notable as it brings a fresh viewpoint and possibly new strategies to the company’s board, alongside the company’s goals.
Q: What are the major challenges IPTV is facing?
A: IPTV is currently dealing wiht increasing costs of revenue and a net loss in Q1 2025, reflecting the change in the marketplace. They also has to realign their assets,
which creates an environment for change.
Q: What are the main subsidiaries involved in the recent announcements?
A: PT MNC Kabel Mediacom (MKM) and PT Digital Vision Nusantara (DVN) are the two main subsidiaries receiving capital injections from the private placement. Additionally,MNC Sky Vision (MSKY) is leading the revival of the Indovision brand.
Q: how will selling assets affect IPTV’s finances?
A: IPTV generated IDR3.3 trillion from the sale and transfer of MNC Play’s assets. The sale reflects a strategic decision,with the full effects expected to be realized in the coming quarters as the company re-focuses its operations.
