Zee Entertainment Enterprises (ZEE) which is Subhash Chandra-promoted is acquiring 9X Media from private equity firm Rivendell PE LLC, earlier known as New Silk Route, and other shareholders for a total cash consideration of Rs. 160 crore.Punit Goenka, MD & CEO, ZEE, said, “Continuing with our strategy of expanding into regional markets and niche genres, we are pleased to announce...
Zee Entertainment Enterprises (ZEE) which is Subhash Chandra-promoted is acquiring 9X Media from private equity firm Rivendell PE LLC, earlier known as New Silk Route, and other shareholders for a total cash consideration of Rs. 160 crore.
Punit Goenka, MD & CEO, ZEE, said, “Continuing with our strategy of expanding into regional markets and niche genres, we are pleased to announce this acquisition which strengthens our music portfolio. Music is an integral component of consumer’s entertainment pie and we will offer our consumers a wider array of choices through these channels.”
9X Media operates five music channels - 9XM (Hindi), 9X Jalwa (Hindi), 9X Jhakkas (Marathi), 9XO (English) and 9X Bajao (Hindi).
Shardul Amarchand Mangaldas & Co advised Zee with a team led by Partner Jay Gandhi along with Principal Associate Arun Jerome and Associate Natalee Nanda.
Economic Law Practice acted for 9X Media and Rivendell PE LLC and the team was led by Partners Sujjain Talwar and Aakanksha Joshi along with Senior Associate Amruta Kelkar and Associate Tarini Menezes.