Gossip

Zee Entertainment Interested In Acquiring 9X Media

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Subhash Chandra-pro noted media conglomerate Zee Entertainment Enterprises BSE 0.90 % is in advanced stages of discussion to buy 9X Media broadcast network that owns a clutch of Hindi regional music channels.

Zee is interested in acquiring 9X Media currently owned by private equit fund New Silk Route, “at a right value” as it makes a lot of strategi sense for the company, people close to the development told ET.

9X Media operates three music channels in Hindi -9XM, 9X Jalwa and 9X Bajao -one in each in English (9XO), Marathi (9X Jhakaas) and Punjabi (9X Tashan). It also has a digital product, SpotboyE, offering Bollywood’s news, gossip, movie reviews and other updates.

Sources did not disclose any likely valuation for the proposed deal, but a media analyst said the `right valuation’ for Zee could be less than `. 220 crore that Sony Pictures Networks India (SPN) had agreed to shell out for 9X Media last year, before the talks fell through.

New Silk Route (NSR), which owns close to 80 per cent stake in 9X Media, has been looking to exit since 2013 as it first invested in the company, then known as INX Media, over 10-years back.

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