India Ratings and Research on Thursday gave a stable outlook to print media, broadcasters and multi-system operators for FY22, driven largely by expectations of demand recovery as the economic conditions improve. The agency, a division of Fitch Ratings, maintained a negative outlook for the multiplex sector, given the delayed recovery curve and continued low attendances hampering cinema operators. It anticipates a weak demand recovery for movie exhibitors, which have been impacted because of the pandemic. Advertising revenues are growing for the broadcasters and print media since the second half of FY21 which bolsters the near term outlook, it said. Print media will continue to face challenges from digital initiatives cannibalising circulation, which would necessitate companies investing in online ventures themselves, the agency said.