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India's ZEEL to acquire 9X Media, subsidiaries

As expected, Zee Entertainment Enterprises Ltd., or ZEEL, has entered into a definitive agreement to acquire 9X Media Pvt. Ltd. and its subsidiaries in an all-cash deal valued at 1.6 billion Indian rupees.

Under the terms of the deal, ZEEL will acquire 91,453,000 equity shares of 9X Media at 10 rupees apiece from existing shareholders. ZEEL will also acquire 1,339,556 equity shares of INX Media, a 9X Media subsidiary, at 10 rupees apiece from existing shareholders.

9X Media, along with its subsidiaries, operates music channels 9XM, 9X Jalwa, 9X Jhakaas, 9XO, 9X Bajao and 9X Tashan.

Upon the completion of the acquisition, which is expected within 60 days, the music channels will be added to ZEEL's current portfolio of 33 channels.

Meanwhile, ZEEL will also purchase Turner International India's 26% stake in their distribution joint venture Zee Turner Ltd., wherein ZEEL owns a 74% stake.

Since there have been no active operations in the JV for the past few years, the partners have mutually decided to terminate the JV with ZEEL taking control of it.

Turner International India is a unit of Time Warner Inc.

As of Oct. 6, US$1 was equivalent to 65.47 Indian rupees.