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Home » Mergers & Acquisitions » Media » Zee Entertainment To Buy 9X From INX Media |
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Zee Entertainment To Buy 9X From INX Media
by Jarna Gandhi | March 08,2010 - 11:57 AM
Topics : Mergers & Acquisitions
Industries : Media
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Zee Entertainment Enterprises Ltd plans to acquire 9X from INX Media Pvt Ltd for around Rs 65-75cr.
According to DNA, Zee Entertainment could gain tax benefits and an additional channel license.
9X owes around RS 130cr to creditors who will take a substantial hair cut and approve the transfer of ownership.
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Transaction Note INX Media Pvt Ltd was launched in 2007-08 by Peter Mukerjea who raised $170mn from Temasek Holdings through Dunearn Investments, New Silk Route Partners, Kotak Mahindra Capital, New Vernon Private Equity and SREI.
The company went for a restructuring in 2009, where Peter Mukerjea and his wife Indrani stepped down from the management.
At present, funds hold 50% stake, employees have 5% and the original promoters retain 45% stake in INX.
Pradeep Guha, former CEO of Zee Group took over, and is working on the recast plan by its investors. The decision to exit 9X seems to be an outcome of this recast plan as 9x failed to recover from the losses it suffered due to the TV industry strike.
The company posted losses of Rs 446cr with an income of Rs 132cr in FY09.
INX was initially in talks with Sun TV, but the plan did not materialise because the valuations at that time were too high.
INX had earlier exited INX News business by selling it to Vinay Chhajlani, an Indore-based promoter of regional dailies Naidunia and Nav Dunia.
After the 9X sale, INX will be left with just the music channel 9XM.
The Hindi GEC space is currently dominated by three players - Colors, Star Plus and Zee TV. |
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| Date | Type | Sub Type | Buyer | Size |
| 9X-Zee Entertainment Enterprises |
| 08/03/10 |
M&A |
Acquisition |
Zee Entertainment Enterprises Limited |
14.30 |
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| Company |
| Name | Promoters | Office | Competitor | Website |
| INX Media Private Limited |
IPM Incon Private Limited |
Urmi Corporate Park
1st Floor Solaris-D,
Opp. L & T Gate No. 6
Saki Vihar Road,
Pawai-400072. |
NDTV Imagine Limited
Zee Entertainment Enterprises Limited
Viacom 18 Media Private Limited |
www.inxnetwork.in |
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| Zee Entertainment Enterprises Limited |
Briggs Trading Co Private Limited
Ganjam Trading Co Private Limited
Premier Finance & Trading Co. Private Limited
Pan India Paryatan Limited
Prajatma Trading Co. Private Limited
Lazarus Investments Limited
Delgrada Limited |
Continental Bldg,
135,Dr.Annie Besant Road,
Worli,
Mumbai-400018. |
NDTV Lifestyle Limited
Viacom 18 Media Private Limited
NDTV Imagine Limited
INX Media Private Limited
Infomedia 18 Limited
Asianet Communications Limited
NDTV Lifestyle Holding Private Limited |
www.zeetelevision.com |
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Zee Entertainment Enterprises | 9X | INX Media
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| Latest DealCurry Notes |
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Symphony Service Acquires US Based CoreObjects Software
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September 09, 2010, 04:05 PM | Deeshesh Chheda
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Bangalore-based Symphony Service Corporation has acquired CoreObjects Software Inc, a Los Angeles-based new product development services provider, that specialises in bringing commercially deployable products to market.
With CoreObjects’ engineering delivery centers in Bangalore and Pune, India and its team of highly skilled full-time product engineers and deep vertical market expertise, Symphony Services will expand its offerings in the product development and embedded product development space.
This acquisition also provides Symphony Services access to additional re-usable components and frameworks for product development, including CoreObjects' Smart Objects suite of software assets designed to speed clients' products to market.
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| PRIVATE EQUITY |
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| VENTURE CAPITAL |
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| I.P.O. / OFFERINGS |
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