Indias music TV network 9X Media is being acquired by Zee Entertainment Enterprises Limited (ZEEL) for an all-cash deal of INR1,600 million (US$24.45 million).
9X Media, with its subsidiaries from New Silk Route, operate six music channels: 9XM (latest Bollywood hits), 9X Jalwa (evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English) and 9X Bajao (Hindi Classics).
Following completion of the acquisition, these channels will be added to ZEELs current portfolio of 33 channels. 9X Medias Bollywood news portal, SpotboyE, will also be included in the transaction.
The acquisition is in line with the Companys strategy to cater to diverse audience by offering targeted products. Besides significantly expanding its Hindi music portfolio, it gives ZEEL access to the regional music genre. It also increases its regional footprint with foray into the Punjabi market, ZEEL said in a statement.
Punit Goenka (pictured), MD & CEO, ZEEL said: Music is an integral component of consumers entertainment pie and we will offer our consumers a wider array of choices through these channels. 9X channels enjoy leading market shares in their respective segments and will benefit immensely from our networks strength to achieve higher growth potential and cost synergies. I am confident that these channels will make our entertainment bouquet even more compelling for the audience.
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