wordpress blog stats
Connect with us

Hi, what are you looking for?

Zee Entertainment acquires 9X Media and INX Music for Rs 160 crore

We had missed this earlier

The Board of Directors at Zee Entertainment Enterprises Limited (ZEEL) has approved the acquisition of 100% stake in 9X Media Private Limited (9XM) and its subsidiary INX Music Private Limited (INX) from Rivendell PE LLC (formerly New Silk Route) and the other shareholders, for an all-cash deal worth Rs 160 crore. The acquisition is expected to be completed in 60 days.

ZEEL will be acquiring:

  • 91,453,000 equity shares of Rs 10 each of 9XM at a total consideration of Rs 155.20 crore; and
  • 13,39,556 equity shares of Rs 10 each constituting 29.15% equity stake of INX at a total consideration of Rs 4.80 crore.

The remaining 70.85% stake in INX is held by 9XM, and hence it’ll become a wholly owned subsidiary of ZEEL.

9XM operates five music channels: 9XM (Bollywood), 9X Jalwa (Old Hindi), 9X Jhakaas (Marathi), 9XO (English), and 9X Bajao (Hindi Classics), and INX operates the music channel 9X Tashan (Punjabi). 9X Media’s Bollywood news portal, SpotboyE is also part of the deal.

Zee Turner Limited

ZEEL will also be acquiring the remaining 26% stake in its subsidiary company Zee Turner Limited (ZTL). ZEEL already holds a 74% stake in ZTL, which was incorporated in December 2001 as a joint venture between ZEEL and Turner International India Private Limited. ZTL has been inactive over the past few years and had registered zero turnover in the three previous financial years. Hence, now ZEEL will be buying out the remaining 26% stake comprising 26,000 equity shares of Rs 10 each for Rs 2.6 lakh. This deal is expected to completed in 30 days.

Advertisement. Scroll to continue reading.

Digital subsidiaries merged

In August this year, Zee decided to merge its digital media and entertainment business undertakings of Zee Digital Convergence Ltd, including the Ditto TV and Ozee businesses, with the parent company ZEEL. In addition to this, it merged the online media business of India Webportal Private Ltd (which ran India.com and its affiliated websites) with ZEEL as well. It seems that instead of the companies being merged into the parent entity, the business undertakings are being transferred.

India.com stake

In June, ZEEL acquired the remaining 49% stake in subsidiary company India Webportal Private Ltd. (India.com) for Rs 197.18 crore (or $30.7 million). India Webportal is a joint venture between ZEEL and US-based digital media firm Penske Media Corporation (previously known as Mail.com Media Corporation or MMC). ZEEL bought the remaining stake from existing shareholders MMC Investments Holding Company II Ltd (44%) and Ashok Kurien (5%).

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

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

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...

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...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ