Indi Media Company Pvt Ltd, a newly formed company by Vinay Chhajlani, CEO of Naidunia and Founder of Webdunia, and Jehangir Pocha, former editor of Businessworld India, has bought over the 100 per cent stake of INX News. All previous owners including Indrani Mukerjea and Peter Mukerjea are said to have exited the company following this move. Sources close to the development inform that Pocha would head NewsX and the other forthcoming channels from INX News as its Editor.
On being contacted, Pocha confirmed his resignation from Businessworld and his move into NewsX.
The price of the sale couldn't be determined at the time of filing the report. Various sources close to the development informed exchange4media that even as Indi Media is formed by Chhajlani and Pocha, that there is external funding that is available to Indi Media. However, Chhajlani clarified on this, and said, "Jehangir and me own Indi Media 100 per cent and only Indi Media has paid up for the acquisition of this company. The only shareholders in the company now are Indi Media and the ESOP trust."
As is known NewsX has been in the market for the last few months, and its range of speculated suitors have varied from the Bhaskar Group to Deccan Chronicle to Rajeev Chandrashekhar. The disagreement had been on monies asked and what the various parties were ready to pay up.
INX Media too has been on the lookout for additional funding. The buyout of INX News does not impact any change on INX Media.
Jehangir Pocha calls it quits at Businessworld