ZEE Ltd set to buy INX Media's 9X channel

India"s largest media company, Zee Entertainment Enterprises Limited (ZEEL) has got approval to acquire 9X, a general entertainment channel(GEC) owned by INX Media Pvt Ltd. According to reports, the deal is expected to cost around 60-70 crore.

The board of directors will have a meeting on April 29 to consider the terms of the deal, share swap ratio etc. The same has been intimated to stock exchanges. It is also reported that the company has also declared a special interim dividend of 2 rupees a share.

INX Media was founded by Peter Mukherjee in 2007-08. In 2009 he cobbled $170 through a private equity fund which made him to step down from the management. Now Pradeep Guha, former Zee group CEO is handling the management.