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INX looks for cash, strategic investor |
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| Chris Forrester, on 28-08-2008 |
 India’s INX Media, one of the country’s new broadcasters aiming to cash in on growth of digital TV, wants to raise up to US$150 million in a second round of funding and is looking for an international strategic investor.
Most of the other entertainment
broadcasters in India already have global firms on board, including NBC
Universal’s 26% in NDTV, Walt Disney’s recent purchase of a 15% stake
in UTV Global Broadcasting, and Viacom’s joint venture with TV18,
Viacom18.
Peter Mukerjea, the ex-CEO of Star India who along with his wife owns
45% of INX Media and chairs the company, said that he was in
discussions with new investors about a cash injection. Around 50% of
INX is currently owned by private equity firms including Singapore’s
Temasek Holdings.
With US$170 million already raised in February 2007 and three channels
already operating (general entertainment service 9X, music service 9XM
and English-language NewsX), INX Media wants to move to consolidate its
position and expand regionally. By December, the cash raised in its
first round will have been spent.
Some 11 new channels are still at the planning stage, although only two
of these will be nationally targeted as 9X and 9XM are, with the
remainder regional entertainment, music or news channels. Strangely,
the company is planning another general entertainment channel and
another music channel.
© Rapid TV News 2008
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