Sony Pictures Networks in discussions to buy 9X Media

Sony Pictures Networks India is in talks to acquire 9X Media, according to industry sources. Sources close to the development have confirmed the news to AdGully and said that the formal due diligence is still in the process. They also added that while the deal could swing either ways, there are strong indications that this deal could fructify.

According to a report carried by a leading business daily, Sony Pictures Networks India has signed a letter of intent (LOI) to acquire 9X Media.

9X Media’s bouquet of channels includes 9XM, 9X Jalwa, 9X Bajao, 9XO, 9X Jhakaas, and 9X Tashan. The company also has SpotboyE, a digital destination for Bollywood news, movie reviews and so on.

As is known, 9XM was founded by Peter and Indrani Mukerjea in 2006 as INX Media. The company was later acquired by New Silk Route, a private equity fund which had invested in INX Media, along with Temasek, Kotak Equity Fund and New Vernon Private Equity.

New Silk Route currently owns around 80 per cent stake in 9X Media.

When contacted, a Sony Pictures Networks spokesperson stated, “Sony Pictures Networks (SPN) intends to be the first choice in Television and Digital entertainment in India. We are in a growth mode. Having said that, we do not comment on speculation. As and when we have something to announce, we shall share that with you.”