Rumours around this acquistion have been doing the rounds for sometime. And they were denied for reasons of corporate and stock market compliance. But now Zee Entertainment Enterprises Limited (ZEEL) has finally announced that it has signed a definitive agreement to acquire the Pradeep Guha-headed 9X Media and its subsidiaries from private equity firm New Silk Route and other shareholders for an all cash consideration of Rs. 1,600 million.
9X Media, along with its subsidiaries, operates a bouquet of six music channels - 9XM (Latest Bollywood), 9X Jalwa (Evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English), 9X Bajao (Hindi Classics).
On completion of the acquisition, these channels will be added to ZEEL’s current portfolio of 33 channels. The acquisition is in line with the company’s strategy to cater to a 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.
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