Bansal picks up 36% in 9X Jhakaas; 9X Media to shift channel to subsidiary arm

[Deepu]

Music broadcaster 9X Media, which houses a bunch of national and regional music channels, is planning to transfer the Marathi music channel 9X Jhakaas to its subsidiary arm INX Music. 9X Media (erstwhile INX Media) owns close to 64 per cent stake in INX Music while the remaining 36 per cent is held by Sandeep Bansal. INX Music already owns Punjabi music channel 9X Tashan. “INX Music is a step-down subsidiary of 9X Media which operates 9X Tashan. We have a partner there who owns minority stake in INX Music,” 9X Media MD Pradeep Guha told TelevisionPost.com. 9X Media has applied for the approval of the Foreign Investment Promotion Board (FIPB) to transfer 9X Jhakaas also to the subsidiary, as Bansal has picked up a similar stake in the Marathi music channel. “I have picked up close to 36 per cent stake in 9X Jhakaas, similar to what Iown in Tashan. So, we are looking to transfer 9X Jhakaas to INX Music,” Bansal told TelevisionPost.com. INX Music has written to the Information and Broadcasting Ministry as well as the FIPB for the necessary approvals, Bansal added. Incidentally, private equity fund New Silk Route (NSR) owns close to 80 per cent stake in 9X Media. Out of the remaining 20-odd per cent, Guha owns majority share and the rest resides with the other employees of 9X Media. 9XM (Bollywood music), 9X Jalwa (timeless Bollywood hits) and 9XO (international music) will remain under 9X Media, while the upcoming regional channels may sit under INX Music. “That decision will be taken at an appropriate time. Right now, we are waiting for licences,” Guha said. TelevisionPost.com was the first to report that 9X Media is planning to launch two more music channels, one in Bengali and the other for the Odisha market.

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