India broadcasting giant, ZEE Entertainment Enterprises Limited (ZEEL) is reportedly getting closer to acquire the 9X Media clutch of Hindi and regional music channels.
The deal, which is set to be formalised as soon as this month, will see ZEEL take control of popular channels – 9XM, 9X Jalwa, 9X Bajao, 9XO (English), 9X Jhakaas (Marathi), 9X Tashan (Punjabi) and digital website, SpotBoye.
A spokesperson from ZEEL told Economic Times, “From time to time we keep looking at opportunities as part of our on-going business development. With regards to the same we have had certain exploratory discussions with 9X Media and its shareholders; however, no deal has been reached as yet. Needless to say, we shall inform the exchanges immediately if our talks fructify into any definitive deal.”
Last year, Sony Pictures Networks was in talks to buy the 9X Media channels but the deal fell through due to taxation issues.