ZEEL considering buying INX's Hindi GEC 9X

March 08, 2010

Source: www.moneycontrol.com

By: Media Mughals

The general entertainment channel from the INX Media, 9X is expected to have sought a buyer in Zee Entertainment Enterprises Limited (ZEEL), one of the leading media and entertainment companies in India. The two companies are currently in discussions for a possible deal.

9X has been unable to make a significant mark in the Indian GEC scene. The channel commenced beaming in November 2007 under the aegis of INX Media. 9XM, the music channel, which gained immense popularity on back of animated characters, is also part of the INX Media.

As per the reports, ZEEL will be making an offer of around Rs 65-75 crore for 9X. Though it is still not clear whether 9XM will be involved in the acquisition or not.

INX was setup by Peter Mukherjea, a former CEO of Star India. Currently Pradeep Guha steers the operations of the channel as CEO.

Though, 9X is surrounded with liabilities, ZEEL would be benefiting from the deal in terms of acquiring an additional licence to air a Hindi general entertainment channel on television.

The development was first reported by the CNBC-TV18 reporter Tanvi Shukla.

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