ZEE Entertainment Enterprise Limited (ZEEL) has terminated its deal to acquire 9X Media, due to failure to complete specific material Conditions Precedent.
On 6th October 2017, ZEEL had agreed to definitive agreement to acquire 9X Media and INX Music from New Silk Route and other shareholders for an all cash consideration of Rs. 160 crore.
“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),” ZEEL said in a filing to the BSE.
“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 channels include six services including, 9XM, 9X Jalwa, 9X Jhakaas, 9X Tashan, 9XO and 9X Bajao.