ITV Media acquires NewsX for an undisclosed sum

(ITV), which operates channel India News, on Monday said it had acquired English news channel NewsX for an undisclosed sum.

“The ITV group has taken over the NewsX channel. We have acquired 100 per cent stake,” Managing Director said.

ITV is part of the New Delhi-based Piccadilly Group of Companies that has multiple interests in print as well as electronic media.

Sharma, however, declined to comment on details of the transaction and also on whether NewsX would be rebranded.

When contacted, Jehangir Pocha, who along with Nai Duniya’s Vinay Chhajlani had bought NewsX from INX Media in 2009, confirmed the development.

NewsX was founded by former CEO as part of INX Media which also included music and entertainment channels. It was put on the block within 12 months of its launch as it struggled with a financial crunch during the global economic meltdown.

In a joint statement issued later in the night, Chhajlani and Pocha said, “We are happy to hand over the channel to the ITV Group and acknowledge the contribution of the team that has earned NewsX much recognition.”

Sharma said in the statement that “this is a logical market expansion for us and enables us to enter the English news domain while strengthening our presence in the broadcast and digital media space.”

Being part of the ITV Group will help NewsX transcend the limitations of being a stand-alone channel and give new thrust to the channel’s editorial and commercial development, the statement added.

image
Business Standard
177 22
Business Standard

ITV Media acquires NewsX for an undisclosed sum

Press Trust Of India  |  New Delhi 



(ITV), which operates channel India News, on Monday said it had acquired English news channel NewsX for an undisclosed sum.

“The ITV group has taken over the NewsX channel. We have acquired 100 per cent stake,” Managing Director said.

ITV is part of the New Delhi-based Piccadilly Group of Companies that has multiple interests in print as well as electronic media.

Sharma, however, declined to comment on details of the transaction and also on whether NewsX would be rebranded.

When contacted, Jehangir Pocha, who along with Nai Duniya’s Vinay Chhajlani had bought NewsX from INX Media in 2009, confirmed the development.

NewsX was founded by former CEO as part of INX Media which also included music and entertainment channels. It was put on the block within 12 months of its launch as it struggled with a financial crunch during the global economic meltdown.

In a joint statement issued later in the night, Chhajlani and Pocha said, “We are happy to hand over the channel to the ITV Group and acknowledge the contribution of the team that has earned NewsX much recognition.”

Sharma said in the statement that “this is a logical market expansion for us and enables us to enter the English news domain while strengthening our presence in the broadcast and digital media space.”

Being part of the ITV Group will help NewsX transcend the limitations of being a stand-alone channel and give new thrust to the channel’s editorial and commercial development, the statement added.

RECOMMENDED FOR YOU

ITV Media acquires NewsX for an undisclosed sum

Information TV (ITV), which operates Hindi news channel India News, on Monday said it had acquired English news channel NewsX for an undisclosed sum.

(ITV), which operates channel India News, on Monday said it had acquired English news channel NewsX for an undisclosed sum.

“The ITV group has taken over the NewsX channel. We have acquired 100 per cent stake,” Managing Director said.

ITV is part of the New Delhi-based Piccadilly Group of Companies that has multiple interests in print as well as electronic media.

Sharma, however, declined to comment on details of the transaction and also on whether NewsX would be rebranded.

When contacted, Jehangir Pocha, who along with Nai Duniya’s Vinay Chhajlani had bought NewsX from INX Media in 2009, confirmed the development.

NewsX was founded by former CEO as part of INX Media which also included music and entertainment channels. It was put on the block within 12 months of its launch as it struggled with a financial crunch during the global economic meltdown.

In a joint statement issued later in the night, Chhajlani and Pocha said, “We are happy to hand over the channel to the ITV Group and acknowledge the contribution of the team that has earned NewsX much recognition.”

Sharma said in the statement that “this is a logical market expansion for us and enables us to enter the English news domain while strengthening our presence in the broadcast and digital media space.”

Being part of the ITV Group will help NewsX transcend the limitations of being a stand-alone channel and give new thrust to the channel’s editorial and commercial development, the statement added.

image
Business Standard
177 22
Widgets Magazine

More News

  • Bhavin Turakhia, founder and chief executive, Directi Group We focused on creating value, not valuation: Bhavin Turakhia
  • (From left to right)  Ralf Speth, Global CEO Jaguar Land Rover, Guenter Butschek, Tata Motors and Ravindra Pisharody, ED, Commercial Vehicles Business Unit, Tata Motors Ltd Ltd announcing company's Q1 results in Mumbai (Pic: Kamlesh Pednekar) Tata Motors net down 57% in June quarter
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard