TV Guide > Entertainment > 9x
Enterprises confirmed that it had secured an
in-principle approval from its board for acquisition of 9X, under a Scheme of
Arrangement, subject to appropriate statutory and regulatory approvals. The
board met again on 29 April to consider, the terms of the Scheme of
Arrangement, including the share swap ratio, the appointed date, etc.
9x
9X is an Indian Hindi general
entertainment channel based in Mumbai It is owned by Zee Entertainment
Enterprises. The channel was launched on November 12, 2007 in India. Launched
as the flagship of the INX Network, 9X promises to provide world-class fiction
and non-fiction programming and Bollywood films.
On
10 August 2009, 9X ceased broadcasting in the UK on Freesat and Sky Digital
where it had been a free-to-air channel.
Histori: On 8 March 2010, it was
revealed that Zee Entertainment Enterprises had made a bid of Rs 65 crore for
9X, who owe Rs 130 crore to creditors. The INX management is expected to
pitch in with some money of their own to seal the deal with the creditors, who
are expected to agree with to the deal. INX is then expected to spin off 9X,
which will be taken over by Zee after a court approves the arrangement. After
the 9X sale, INX will be left with just the music channel 9XM. On 20 April
2010, Zee Entertainment
On
29 April 2010, ZEE Network's board of directors has approved the Scheme of
Arrangement between ZEEL (ZEE Entertainment Enterprises) and INX Media, former
owners of 9X. With the arrangement, 9X will exit INX Media and vested into
ZEE Network, with a proposed acquisition funded by issuance of new shares by ZEEL
to shareholders of INX. The share swap ratio has been proposed at 1 (one)
equity share of Rupee 1/- each of ZEEL for every 71 (seventy one) equity shares
of Rupees 10/- each of INX held by the shareholders of INX, as on June 30,
2010. ZEEL would also take over liability of Rs 60 crore. As of today, ZEE’s is
priced at Rs 306 per share. 9X is expected to retain its current brand, despite
being bought out by ZEE Network....More
>>
