Two weeks ago, we described the decision by the Kudelski Group to restructure Nagravision, the legacy digital TV security segment, as an obvious precursor to euthanasia. With the company’s 2024 financial results hot off the press, it is clear why—but then again, the need for drastic action has been clear for far longer than the five-year revenue snapshot featured below. Once a dominant force in conditional access, Kudelski’s total revenues from TV operations (Nagravision) fell 11.6% year-over-year to $230.5 million in 2024. Looking not so far back to 2018, the digital TV division generated $452.6 million in total annual revenue—marking a nearly 50% shrinkage. Half the size, in the space of just five years, has led the group to make…