New Delhi: HT Media’s editorial director Vir Sanghvi is moving to Inx Media Pvt. Ltd as CEO for its new business. Inx Media is a company promoted by former Star India CEO Peter Mukerjea’s wife, Indrani Mukerjea. Sanghvi, who writes a weekly column for Mint, will, however, continue his association with Hindustan Times as advisory editorial director.
When contacted, Sanghvi confirmed his move, but refused to divulge any further details. Mukerjea, who has a no-compete agreement with Star India that expires in July, could not be contacted.
According to senior executives in Inx Media, who did not wish to be identified, the company plans to launch 17 news and entertainment channels in the next two years. An announcement regarding three of these—an English news channel, a Hindi entertainment channel, and a music channel—will likely be made on Wednesday. The sources said the three channels will be launched by the end of 2007.
The entertainment network, the sources said, would be part of Inx TV, a new subsidiary of Inx Media. They claimed private-equity investors such as Temasek Holdings through subsidiary Dunearn Investments, New Vernon, Kotak Mahindra, Kolkata-based Srei group, and the new company promoted by former McKinsey managing partner Rajat Gupta and former DSP Merrill Lynch head Amit Chandra, had already invested in Inx TV. The company is likely to invest around $300 million in the business over three years.