Zee Ent fully acquires 9X Media, INX Music for Rs 160 cr

New Delhi, Oct 6 () Media conglomerate

Zee Entertainment

has acquired 100 per cent stake in two media entities,

9X Media

and INX Music, in a Rs 160-crore cash deal. Besides, the company has also bought 26 per cent remaining stake in

Zee Turner Ltd

for Rs 2.6 lakh, a 74 per cent subsidiary of the company. The remaining stake is held by

Turner International India Pvt Ltd

. The board of

Zee Entertainment Enterprise Ltd

(

ZEEL

), in a meeting held today, approved acquisition of 100 per cent stake in

9X Media Pvt Ltd

and

INX Music Pvt Ltd

from their existing shareholders, the company said in a regulatory filing. ZEEL will acquire 91,453,000 equity shares of Rs 10 each of 9X Media for a consideration of Rs 155.20 crore. Besides, as per the deal, ZEEL would acquire 13,39,556 equity shares of Rs 10 each of INX Music constituing 29.15 per cent stake for Rs 4.80 crore. The remaining 70.85 per cent in INX Music stake is owned by 9X Media and therefore consequent to the transaction, INX will become a wholly-owned subsidiary of ZEEL. "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," ZEEL MD and CEO Punit

Goenka

said. The deal is expected to conclude in two months. "The proposed acquisition by the company of 9X music channels would achieve significant cost synergies and expansion of portfolio of music channels of the company," ZEEL said. 9X Media operates five music channels - 9XM (Hindi), 9X

Jalwa

(Hindi), 9X Jhakkas (Marathi), 9XO (English) and 9X Bajao (Hindi). On completion of acquisition, these channels will be added to ZEEL's current portfolio of 33 channels. 9X Media's popular bollywood news portal SpotboyE will also be part of this transaction. ZEEL recently sold its

sports

channel Ten Sports to

Sony Pictures Networks

for USD 385 million in an all cash deal. It has been active in merger and acquisitions space. INX Music is engaged in the business of broadcasting a Punjabi music channel 9X

Tashan

, under its wholly owned subsidiary Paul Entertainment. PRJ KRH MR