Promoters of private equity-backed INX Media Pvt. Ltd, Indrani and Peter Mukerjea, have stepped down from their management positions in the media company. INX Media is one of the latest entrants in the broadcasting space. Itoperates Hindi General Entertainment (GEC) channel 9X and music channel 9XM.
While founder and chief executive officer Indrani Mukerjea will step down by end of April 2009, Peter Mukerjea, who is the chairman and chief strategy officer, will step down by end of March. The Mukerjea’s continue to remain shareholders in INX Media.
The private equity investors in INX Media have roped in Pradeep Guha as a consultant. Guha is a veteran media professional and was mist recently CEO of Zee Network. Guha had been the President and Director of the Times of India Group, where he developed several media brands including the Femina Miss India, Filmfare Awards.
The Mukerjeas have already sold the news chanel INX News to Vinay Chhajlani, the promoter of Indore-based regional dailies Naidunia and Nav Dunia. The company’s GEC business is also lagging behind others like Colours of the Network 18 Group.
INX Media had raised $170 million in funding in 2007 from clutch of private equity investors. These investors included Singapore state investor Temasek Holdings, New Silk Route, Kotak Mahindra Capital and New Vernon Private Equity. INX Media was also looking to raise another
$150 million last year.