BackZee in talks to buy 9X for Rs65-70 cr
Zee in talks to buy 9X for Rs65-70 cr
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New Delhi: Subhash Chandra’s Zee Entertainment Ltd, is in the running to acquire 9X, the Hindi general entertainment channel of INX Media Pvt. Ltd, for an estimated Rs65-70 crore, according to a report in ‘DNA’, the English daily in which Zee Group has a significant stake. Mint could not confirm the development independently as the Zee spokesperson declined to talk on the issue, while other senior executives were unavailable for comment.
However, according to a statement by Bhupendra Makhi, vice-president, finance, at INX Media, “INX Media is working on a restructuring plan. Part of this initiative includes continuing and growing the music and other niche genres and discussions with the Company’s creditors to come to a settlement on outstanding dues. Discussions with Zee Entertainment Enterprises Ltd is part of this process."
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