Nagra, the Swiss content security stalwart, admitted the obvious to Faultline at IBC—that the “Digital TV” label is meaningless in 2025. Under the Kudelski umbrella, the TV segment has this year been restructured into a broader digital security arm, swallowing up pieces of IoT security and its evaluation labs. Yet IoT remains awkwardly separate, leaving Nagra with a split identity—and some unprofitable baggage that continues to drag on margins. While describing the term “Digital TV” as cannon fodder is a reasonable justification for folding the company’s TV operations into the Core Digital Security segment, this is no reflection on Nagra giving up on media and entertainment. The company’s strategy now is diversification. Beyond its traditional pay TV footprint, Nagra is…