English news channel NewsX, which was launched by Peter Mukherjea’s INX Media in March 2008 and subsequently in January 2009 to Indi-Media Network jointly promnoted by Nai Dunia CEO Vinay Chhajlani and former Businessworld Editor Jehangir Pocha, is learnt to be on the block for the second time.
According to highly placed industry sources, a leading broadcast network is an interested buyer of NewsX. The sources informed BestMediaInfo that the media house is conducting the audit for necessary due diligence.
However, officials on both sides refrained from commenting on the development.
In a simultaneous development, Chhajlani has put Nai Dunia also on sale, with Jagran Prakashan as a prospective buyer. Jagran is learnt to be conducting a financial audit of the Hindi daily through PriceWaterhouseCooper for further due diligence.
Since its launch, NewsX has been the No. 5 English news channel, according to TAM ratings. The channel was slated to be renamed as IMN News in September 2010 with a new packaging and look, but this was postponed for unstated reasons.
Some media analysts told BestMediaInfo on condition of anonymity that it was difficult for the current owners to keep running a loss-making channel any longer and they have been on the lookout for a prospective buyer for some time.
Hindi daily Nai Dunia is published from Indore and Bhopal and is among the top three Hindi newspapers in Madhya Pradesh. While MP is ruled by Dainik Bhaskar, Nai Dunia remains the second largest read daily in the state. However, Nai Dunia is getting tough competition from the No. 3 daily in the state, Patrika.
BestMediaInfo has learnt that both the deals are in the second stage with no guarantee of buyout by the current prospective buyers.
Source: http://www.bestmediainfo.com/2012/02/newsx-and-nai-duniya-up-for-sale/
