New Silk Route (NSR) is in talks with other firms and strategic investors to divest its entire stake in 9X Media (erstwhile INX Media), reports Livemint. 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…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...