ZEEL has announced the acquisition of 9X Media and its subsidiaries. The network entered entered into a definitive agreement to acquire 9X Media and its subsidiaries from New Silk Route and other shareholders for an all cash consideration of Rs 1,600 million.
9X Media operates six music channels - 9XM (Bollywood), 9X Jalwa (Evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English) and 9X Bajao (Hindi Classics). On completion of the acquisition, these channels will be added to ZEEL’s current portfolio of 33 channels. 9XMedia's Bollywood news portal 'SpotboyE' is also part of the deal.
A statement revealed, 'The acquisition is in line with the company’s 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.'
Punit Goenka, MD and 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. Music is an integral component of consumer’s 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 network’s 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.”
ZEEL had recently sold its sports properties (TEN) to Sony Pictures Networks for approximately Rs 232 crore.
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