Indi Media Company Pvt Ltd has bought INX News Pvt Ltd which is a part of the Peter Mukerjea-owned INX Group. In a statement to media, Indrani Mukerjea, Founder & CEO, INX Media said that NewsX which was launched by INX News as a premier English News channel will continue to grow from strength to strength and will retain its credibility. The deal between Indi Media and INX News is subjected to all regulatory approvals, claimed the company.

 

According to reports, Indi Media acquired INX News by paying around Rs 50 crore. While talking about the reasons for selling the unit, Peter Mukerjea said that the group is unable to fund the unit and hence decided to sell it. Peter Mukerjea however, claimed that INX will continue its broadcasting businesses through INX Media, which operates a music channel and a Hindi general entertainment channel.

 

Indi Media is a venture co-founded by Vinay Chhajlani, the CEO of Hindi daily 'Nai Dunia' and former Businessworld editor Jehangir S. Pocha. Indi Media owns Webdunia which is the largest multilingual portal available in nine languages. With an email service in 11 languages, it gets 80 million page-views a month. Over the last two months, the television news business has been experiencing decline in advertising revenues. It is very implicative that INX news was also sold for the same reason.