New Delhi - Newly-formed company Indi Media has acquired INX News Pvt Ltd for a reported Rs 50 crore (US$10.2 million) - from the Peter Mukerjea owned INX Group.
Indi Media is a venture co-founded by Vinay Chhajlani, the CEO of Hindi daily ’Nai Dunia’ and former Businessworld editor Jehangir S. Pocha.
The sale comes just months after the launch of English news channel News X.
Indrani Mukerjea, Founder & CEO, INX Media, said in a press release that having created NewsX as a premier English news channel brand in such a short span of time, she hoped the channel would continue to grow from strength to strength and would retain its credibility as it always has.
Peter Mukerjea is quoted as saying that the group is unable to fund the unit and hence decided to sell it. He added that INX will continue its broadcasting businesses through INX Media, which operates a music channel and a Hindi general entertainment channel.
Industry insiders say that in a market so heavily reliant on advertising revenues, News X’s sale will not be the first casualty of softening advertising conditions.
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