Zee Network emerges front-runner to buy NewsX

Just two months after the and deal, the Subhash Chandra-promoted has emerged as front-runner in buying out the majority 51 per cent stake in English channel NewsX.

According to sources, the deal is likely to be struck at Rs 65-70 crore. The channel is now jointly promoted by Nai Dunia owner and the former editor of BusinessWorld, Jehangir Pocha. They bought it in 2009 from INX.

Sources said there are other suitors negotiating with the promoters but Zee seems to have advanced the most. These sources add that Zee may eventually raise stake further in the company.

Mails to the spokesperson for Zee did not get a response, while Pocha declined to comment. For Zee, the deal will give an entry to the competitive general English space, with the likes of Times Now, NDTV 24x7, and Headlines Today.

currently operates Zee , Zee Business, Zee Punjabi, Zee UP and Uttarakhand, Zee 24 Gantalu, a round-the-clock Marathi channel, 24 Taas, and a 24-hour Bengali channel, 24 Ghanta. Their business is operated under Zee News, while Zee Entertainment Enterprises operates the general entertainment, music, regional and sports channels.

NewsX, struggling to make a mark in the market, had hired some known names to strengthen special shows in areas such as foreign affairs and sport. The channel was to be renamed as IMN in September 2010 but this was postponed.

In 2009, INX Media founder and former Star India CEO Peter Mukherjea and his wife, Indrani, exited the business. INX Media was launched in 2007-08 after Mukherjea cobbled $170 million through a private equity fund. Around 50 per cent stake is owned by consortium PE players, led by New Silk Route. After two meandering years, the company went for a restructuring in 2009, which saw the Mukherjeas stepping down from the management. They continue to be shareholders, but the management is largely handled by Pradeep Guha, a former CEO of the Zee group, on behalf of the PE investors.

The company is now called 9X Media . At present, it operates three channels — a Hindi music channel 9XM, Punjabi music channel 9X Tashan and 9X Jhakaas, a Marathi music channel.

image
Business Standard
177 22
Business Standard

Zee Network emerges front-runner to buy NewsX

Varada Bhat   |  Mumbai 

Just two months after the and deal, the Subhash Chandra-promoted has emerged as front-runner in buying out the majority 51 per cent stake in English channel NewsX.

According to sources, the deal is likely to be struck at Rs 65-70 crore. The channel is now jointly promoted by Nai Dunia owner and the former editor of BusinessWorld, Jehangir Pocha. They bought it in 2009 from INX.

Sources said there are other suitors negotiating with the promoters but Zee seems to have advanced the most. These sources add that Zee may eventually raise stake further in the company.

Mails to the spokesperson for Zee did not get a response, while Pocha declined to comment. For Zee, the deal will give an entry to the competitive general English space, with the likes of Times Now, NDTV 24x7, and Headlines Today.

currently operates Zee , Zee Business, Zee Punjabi, Zee UP and Uttarakhand, Zee 24 Gantalu, a round-the-clock Marathi channel, 24 Taas, and a 24-hour Bengali channel, 24 Ghanta. Their business is operated under Zee News, while Zee Entertainment Enterprises operates the general entertainment, music, regional and sports channels.

NewsX, struggling to make a mark in the market, had hired some known names to strengthen special shows in areas such as foreign affairs and sport. The channel was to be renamed as IMN in September 2010 but this was postponed.

In 2009, INX Media founder and former Star India CEO Peter Mukherjea and his wife, Indrani, exited the business. INX Media was launched in 2007-08 after Mukherjea cobbled $170 million through a private equity fund. Around 50 per cent stake is owned by consortium PE players, led by New Silk Route. After two meandering years, the company went for a restructuring in 2009, which saw the Mukherjeas stepping down from the management. They continue to be shareholders, but the management is largely handled by Pradeep Guha, a former CEO of the Zee group, on behalf of the PE investors.

The company is now called 9X Media . At present, it operates three channels — a Hindi music channel 9XM, Punjabi music channel 9X Tashan and 9X Jhakaas, a Marathi music channel.

RECOMMENDED FOR YOU

Zee Network emerges front-runner to buy NewsX

Just two months after the Eenadu and Network18 deal, the Subhash Chandra-promoted Zee Network has emerged as front-runner in buying out the majority 51 per cent stake in English news channel NewsX.

Just two months after the and deal, the Subhash Chandra-promoted has emerged as front-runner in buying out the majority 51 per cent stake in English channel NewsX.

According to sources, the deal is likely to be struck at Rs 65-70 crore. The channel is now jointly promoted by Nai Dunia owner and the former editor of BusinessWorld, Jehangir Pocha. They bought it in 2009 from INX.

Sources said there are other suitors negotiating with the promoters but Zee seems to have advanced the most. These sources add that Zee may eventually raise stake further in the company.

Mails to the spokesperson for Zee did not get a response, while Pocha declined to comment. For Zee, the deal will give an entry to the competitive general English space, with the likes of Times Now, NDTV 24x7, and Headlines Today.

currently operates Zee , Zee Business, Zee Punjabi, Zee UP and Uttarakhand, Zee 24 Gantalu, a round-the-clock Marathi channel, 24 Taas, and a 24-hour Bengali channel, 24 Ghanta. Their business is operated under Zee News, while Zee Entertainment Enterprises operates the general entertainment, music, regional and sports channels.

NewsX, struggling to make a mark in the market, had hired some known names to strengthen special shows in areas such as foreign affairs and sport. The channel was to be renamed as IMN in September 2010 but this was postponed.

In 2009, INX Media founder and former Star India CEO Peter Mukherjea and his wife, Indrani, exited the business. INX Media was launched in 2007-08 after Mukherjea cobbled $170 million through a private equity fund. Around 50 per cent stake is owned by consortium PE players, led by New Silk Route. After two meandering years, the company went for a restructuring in 2009, which saw the Mukherjeas stepping down from the management. They continue to be shareholders, but the management is largely handled by Pradeep Guha, a former CEO of the Zee group, on behalf of the PE investors.

The company is now called 9X Media . At present, it operates three channels — a Hindi music channel 9XM, Punjabi music channel 9X Tashan and 9X Jhakaas, a Marathi music channel.

image
Business Standard
177 22

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