Music and Youth
ZEEL scraps 9X Media acquisition
MUMBAI: Owing to non-completion of certain material conditions, Zee Entertainment Enterprises Ltd (ZEEL) has terminated its deal to acquire music broadcaster 9X Media.
ZEEL, on 6 October 2017, had entered into an agreement to buy 9X Media and INX Music from New Silk Route (NSR) and other shareholders for an all-cash deal of Rs 160 crore.
In a release to the BSE, ZEEL stated, “This is further to our communication dated October 6, 2017, providing relevant details of the proposed acquisition of 100% equity stake in 2 Media entities viz. 9X Media Private Limited and INX Music Private Limited (9X entities).”
“In this regard, we wish to inform you that the said acquisition deal has been terminated/called-off by the Company inter alia due to non-completion of certain material Conditions Precedent.”
9X Media, along with its subsidiaries, operates a bouquet of six music channels–9XM (Latest Bollywood), 9X Jalwa (Evergreen Hindi), 9X Jhakaas (Marathi), 9X Tashan (Punjabi), 9XO (English), 9X Bajao (Hindi Classics).
ZEEL was to acquire 91.45 million shares of Rs 10 each of 9X Media for a total consideration of Rs 155.2 crore. Furthermore, the company had also agreed to acquire 29.15 per cent stake in INX Music for Rs 4.8 crore.
Post the acquisition, INX Music would have become a subsidiary of the company since 9X Media holds 70.85 per cent stake in the company.
The acquisition was expected to be completed in 60 days as no government approvals were required.
The deal would have provided an exit to private equity firm NSR that owns close to 80 per cent stake in 9X Media.
Also Read:
9X media announces two appointments in programming
9X Media elevates Clyde D’Souza
MUMBAI: Mumbai is about to witness something it has never seen before. The Global Youth Festival arrives on 6-7 December at Jio World Garden with 15,000 attendees and 60-plus experiences sprawled across six sprawling arenas. On its sixth edition, this is no ordinary jamboree—it is a carefully orchestrated collision of wellness, adventure, arts, music, yoga and social change.
Chief Minister of Maharashtra Devendra Fadnavis will throw open the proceedings with a landmark ceremony, signalling the state’s backing for a movement that has already mobilised youth across 20-plus countries and 170-plus cities. The sheer scale is staggering: 500-plus volunteers powering the machine, 600,000-plus volunteer hours logged across previous editions, and millions of lives touched annually.
The speaker roster is formidable. Diipa Büller-Khosla and Dipali Goenka, chief executive of Welspun India, will share the stage with Malaika Arora in conversations spanning leadership, creativity and culture. Union Minister for Sports and Youth Affairs Mansukhbhai Mandaviya will also attend, reinforcing GYF’s reach into the corridors of power.
But this is not mere talk. The Solaris Mainstage promises concerts from renowned Indian artists. Innerverse delivers a 360-degree LED spectacle of art, technology and sound. The Love and Care Arena houses hands-on projects spanning women’s empowerment, child education, rural upliftment and animal welfare. India’s largest outdoor sound-healing experience awaits. An inflatable obstacle course, neon drifter karts and open-sky bouldering cater to thrill-seekers.
Some have branded GYF the “Coachella of Consciousness.” Others call it “India’s Largest Sober Festival.” Spiritual visionary Pujya Gurudevshri Rakeshji, who inspired the festival, will deliver the Wisdom Masterclass. Every rupee goes to charity.
After Mumbai comes Kolkata on 14 December. New York looms next year. For one weekend in December, Mumbai becomes the epicentre of youth-driven change—and nothing will be quite the same after.
Tickets available on BookMyShow. Visit youthfestival.srmd.org or follow @globalyouthfestival on Instagram.
