Zee Entertainment Enterprises Limited (ZEEL) on October 6, 2017 has informed Bombay Stock Exchange (BSE) that it has 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 (160 crore)
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 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. 9X Media's Bollywood news portal, SpotboyE, will also be a part of the transaction.
Punit Goenka, managing director and chief executive officer, ZEEL says in a media statement, "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."First Published : October 09, 2017