Zee Entertainment Enterprises Ltd has entered into a definitive agreement to acquire 9X Media Pvt Ltd and its subsidiaries from New Silk Route and other shareholders for Rs 160 crore.
9X Media, along with its subsidiaries, operates a bouquet of six music channels - 9XM (Latest Bollywood), 9X Jalwa (Evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English), 9X Bajao (Hindi Classics). On completion of the acquisition, these channels will be added to Zeel’s current portfolio of 33 channels.
Punit Goenka, MD & CEO, Zeel said: “Continuing with our strategy of expanding into regional markets and niche genres, we are pleased to announce this acquisition which strengthens our music portfolio. 9X channels enjoy leading market shares in their respective segments and will benefit from our network’s strength to achieve higher growth potential and cost synergies.” – The Hindu Business Line