Media conglomerate Zee Entertainment has acquired 100 per cent stake in two media entities, 9X Media and INX Music, in a Rs 160-crore cash deal.
Besides, the company has also bought remaining 26 per cent stake in Zee Turner Ltd for Rs 2.6 lakh, a 74 per cent subsidiary of the company.
The board of Zee Entertainment Enterprise Ltd, in a meeting held today approved acquisition of 100 per cent stake in 9X Media PVt Ltd and INX Music Pvt Ltd, the company said in a regulatory filing.
9X Media operates five music channels - 9XM (Hindi), 9X Jalwa (Hindi), 9X Jhakkas (Marathi), 9XO (English) and 9X Bajao (Hindi).
INX Music is a 70.85 per cent subsidiary of 9XM and engaged in the business of broadcasting a Punjabi music channel 9X Tashan, under its wholly owned subsidiary Paul Entertainment.