Plans to resurrect 9X still on the cards

Since the INX Network exited the UK market, many have been wondering what the future holds for its two channels, 9X and 9XM, BizAsia.co.uk brings you an update.

Its no big secret that Pradeep Guha was roped in to resurrect the flanking entertainment channel, 9X and according to reports a plan will be presented to its private equity investors within the next month.

According to a report on VCCircle, Guha, a former top honcho at the Times Group and ZEE Entertainment, would assume the role of Chief Executive, with a small equity stake, if the revamp bid is approved by New Silk Route (NSR) investment committee.

NSR has been active in managing INX where it along with Temasek, New Vernon, Kotak Private Equity and SREI invested $170 million in February 2007. Guha was hired as a consultant after Indrani and Peter Mukerjea, original promoters of INX, resigned from their management positions last year.

If the resurrect plans are objected by the board then the only other alternative is peddling the asset for an outright sale.

In the UK, 9X’s Sky EPG slot was sold to Islamic channel, Ummah Channel, whereas 9XM’s EPG slot was recently sold to Colors. At the time of confirming the news about 9XM’s EPG sale, Arun Mohan from INX Network told BizAsia.co.uk the following, “We are shutting down 9XM in the UK temporarily. We expect to be back in the UK in a new avtaar by the middle of 2010.” Whether it does remains to be seen.

While 9XM retains one of the top positions in the Indian music genre of channels, flagship Hindi entertainment channel 9X has been sliding further down the TRP chart.