Some of these projects were completed on the right track.

Thanks to the strong leadership of both sides, some significant projects were completed at that time, like the first ever cross-border pipeline, the Motihari-Amlekhgunj pipeline, the integrated check post, and post-earthquake construction. We were able to concentrate on development partnerships and accelerate economic collaboration between the two countries. The channels will benefit immensely from our network’s strength to achieve higher growth potential and cost synergies,” Goenka had said.Pradeep Gyawali: India-Nepal relations are on the right track, especially during the tenure of our former Prime Minister, KP Sharma Oli. “9X Media’s six music channels enjoy leading market shares in their respective segments and will further strengthen our entertainment offering to the consumer.

It also has a digital product, SpotboyE, offering Bollywood's news, gossip, movie reviews and other updates.Īt the time of deal announcement, Punit Goenka, MD, ZEE, had mentioned that the acquisition follows ZEE’s stated strategy of expanding into regional markets and niche genres. Later, in April 2017, ZEE and 9X Media started talking on the acquisition, which was finally announced on October 6.ĩX Media operates a bouquet of six music channels - 9XM (latest Bollywood music), 9X Jalwa (Evergreen Hindi), 9X Bajao (Hindi Classics), 9XO (English), 9X Jhakaas (Marathi music), and 9X Tashan (Punjabi music). However, after due diligence, some legacy taxation issues were discovered, which could not be sorted out and SPN decided to walk out of the negotiations.

In 2016, the company initiated talks with Sony Pictures Networks India, which agreed to buy 9X Media for over Rs 200 crore. New Silk Route, which owns about 80% stake in 9x Media, has been looking to exit the company since 2013 after first investing in the then known as INX Media, over 10 years back. Later, ZEE had extended the long-stop date to facilitate the investee entities of 9X Media to comply with certain conditions precedent(s) for conclusion of the acquisition transaction.Įmail query sent to Pradeep Guha, managing director, 9X Media, did not elicit any response till the time of filing this report. Subhash Chandra-promoted ZEE had agreed to pick up 100% stake in 9X Media and its subsidiary INX Music for a total cash consideration of Rs 160 crore.

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