NSR partner Darius Pandole has told the publication that they are currently evaluating the interest received from both private equity firms and investors, although he didn’t disclose any specific details saying its too early to comment right now.
NSR had invested an undisclosed amount into INX Media in 2007 and had increased its stake to 20% when INX Media founder Peter Mukerjea exited the venture in 2009. In February 2011, 9X Media received FIPB’s nod for New Silk Route to invest Rs 55 crore and increase its stake to 80%. Besides NSR, 9X Media managing director Pradeep Guha owns 15% stake and the remaining 5% stake is held by a few individual investors.
Launched in 2007, INX Media started with a general entertainment channel 9X, a music channel 9XM and a news channel News X. News X was later acquired by Indi Media Network in January 2009 and sold to ITV Media in July 2012. 9X was also sold to Zee Entertainment in June 2010.
The company later rebranded to 9X Media and shifted its entire focus to the music segment in 2010. It currently has five music channels – 9XM (Bollywood music), 9X Jalwa (Old Bollywood music), 9XO (International music), 9X Tashan (Punjabi music) and 9X Jhakaas (Marathi music).
Trilogic To Acquire FTV Franchisee Trinity Dream Works
In a similar development, Trilogic Digital Media has informed BSE that it is acquiring the entire business of the Fashion TV (FTV) franchisee Trinity Dream Works Pvt Ltd (TDPL) for an undisclosed amount.
Trinity Dream Works currently owns the exclusive rights for Fashion TV (FTV) and ‘F’ brand in India. It generates revenues from advertising sales of its broadcast operations and a combination of license fee and royalty income from its licensing and merchandising verticals.
The company is currently looking at licensing the F brand across various categories like real estate projects (F/Fashion Residences), lounge bar chain (F Lounge) and a high end grooming chain (F Salon & Spa). On the merchandising front, Trinity is tying up with various players to launch F Jewellery, branded beverages like F Energy Drinks and alcoholic beverages like F Fashion Vodka. It also plans to extend the F brand to Middle East and the rest of the Indian subcontinent.
FTV franchisee was previously held by Modi Entertainment Network (MEN), a joint venture between Lalit Modi and Walt Disney Pictures, however Fashion TV entered into a legal dispute with MEN in 2003, alleging a contract breach and terminated the agreement in 2010. In October 2012, both the companies inked a 15-year agreement, following which FTV was free to assign or sell its rights to any third party and MEN received a license fee of $2 million or the 22.5% of the total deal value (whichever was higher).
Along with this acquisition, Trinity Dream Works also said that it is creating a special purpose vehicle (SPV) which will manage a content platform for over 4 million BSNL subscribers across India. This platform is expected to deliver movies, songs, TV shows, clips and other multi genre and multi language content, however there is currently no information on when is this platform expected to go live.