In October 2017, the media group ZEEL had entered into a definitive agreement to acquire 9X Media and INX Music from New Silk Route and other shareholders for an all cash consideration of Rs 160 crore. But the deal went through some issues, and finally ZEEL has now cancelled it citing non-completion of certain material conditions precedent.
ZEEL said: “This is further to our communication dated October 6, 2017, providing relevant details of the proposed acquisition of 100% equity stake in 2 Media entities viz. 9X Media Private Limited and INX Music Private Limited (9X entities).”
It added: “In this regard, we wish to inform you that the said acquisition deal has been terminated/ called-off by the Company inter alia due to non-completion of certain material Conditions Precedent.”
As a matter of fact, 9X Media owns six music channels: 9XM (Latest Bollywood), 9X Jalwa (Evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English), 9X Bajao (Hindi Classics).
Source: http://cablequest.org/index.php/news/national-news/item/12436-zeel-not-to-buy-9x-media
It added: “In this regard, we wish to inform you that the said acquisition deal has been terminated/ called-off by the Company inter alia due to non-completion of certain material Conditions Precedent.”
As a matter of fact, 9X Media owns six music channels: 9XM (Latest Bollywood), 9X Jalwa (Evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English), 9X Bajao (Hindi Classics).
Source: http://cablequest.org/index.php/news/national-news/item/12436-zeel-not-to-buy-9x-media
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