Zee Entertainment To Buy 9X From INX Media
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.
INX Media Pvt Ltd was launched in 2007-08 by Peter Mukerjea who raised $170mn from Temasek Holdings through Dunearn Investments, New Silk Route Partners, Kotak Mahindra Capital, New Vernon Private Equity and SREI.
The company went for a restructuring in 2009, where Peter Mukerjea and his wife Indrani stepped down from the management.
At present, funds hold 50% stake, employees have 5% and the original promoters retain 45% stake in INX.
Pradeep Guha, former CEO of Zee Group took over, and is working on the recast plan by its investors. The decision to exit 9X seems to be an outcome of this recast plan as 9x failed to recover from the losses it suffered due to the TV industry strike.
The company posted losses of Rs 446cr with an income of Rs 132cr in FY09.
INX was initially in talks with Sun TV, but the plan did not materialise because the valuations at that time were too high.
INX had earlier exited INX News business by selling it to Vinay Chhajlani, an Indore-based promoter of regional dailies Naidunia and Nav Dunia.
After the 9X sale, INX will be left with just the music channel 9XM.
The Hindi GEC space is currently dominated by three players - Colors, Star Plus and Zee TV.
| Readers' Comments | Post a Comment >> |
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 08/03/10 | 9X Channel - Zee Entertainment Enterprises | M&A | Zee Entertainment Enterprises Limited | 14.30 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/02/12 | M&A | The Walt Disney Company | UTV Software Communications Limited | - | Announced |
| 24/01/12 | M&A | Legrand India Private Limited | Unknown | - | Planned |
| 19/01/12 | IPO / Offerings | Ram Kaashyap Investment Limited | 75.00 | Completed | |
| 17/01/12 | M&A | Marico Limited | Unknown | - | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| INX Media Private Limited (Formerly Known As 9X Media Private Limited) | Indrani Mukerjea | Urmi Corporate Park, 1st Floor Solaris-D, Opp. L & T Gate No. 6, Saki Vihar Road |
Viacom 18 Media Private Limited NDTV Imagine Limited Zee Entertainment Enterprises Limited |
www.inxnetwork.in |
| 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. |
Viacom 18 Media Private Limited NDTV Imagine Limited INX Media Private Limited (Formerly Known As 9X Media Private Limited) NDTV Lifestyle Limited Infomedia 18 Limited Asianet Communications Limited NDTV Lifestyle Holding Private Limited |
www.zeetelevision.com |
| Dealforwards |  |
| Jan 31, 2012... | Dell Set For India Acquisition: Hexaware, NIIT Potential Targets |
|
| Jan 31, 2012... | Flipkart Raises $150Mn From Accel Partners, Tiger Global |
|
| Jan 30, 2012... | 3i Group Invests $61Mn In Supreme Infrastructure |
|
| Feb 1, 2012... | Trishe Energy To Raise PE Funding For Wind Power Projects |
|
| Jan 31, 2012... | Radiowalla.in Raises Series A Funding From Ojas Venture Partners |
|
Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
