Another nail to Temasek's coffin. 
http://www.contentsutra.com/entry/419-cash-crunch-at-inx-media-outstandings-to-producers-mount/
Cash Crunch At INX Media: Outstandings To Producers Mount
By Sruthijith KK - Mon 02 Feb 2009 08:31 AM PST
9X, the general entertainment channel run by INX Media Pvt Ltd, has exceeded the window of credit it has with content providers by several months, according to sources at two production companies that are creditors. 9X has been doing reruns and has not had fresh content on its channel since production personnel went on strike in October.
In the broadcast business, the normal window of credit extended to broadcasters by producers in 60 days from the day of delivery of tapes. According to a senior executive at BAG Films and Media Ltd, a Bombay Stock Exchange-listed producer and broadcaster, payments are due from INX Media for deliveries dating back to June 2008. The person said the company is owed Rs20-25 crore by 9X.
A highly placed source at Balaji Telefilms Ltd said the firm is owed more than Rs30 crore by INX Media and payments have not been forthcoming. The BSE-listed producer, in its first full quarterly reporting since it severed ties with News Corp. subsidiary Star India Pvt. Ltd, recently said net profit was down 96% year-on-year. Kahani Hamare Mahabharat Ki, 9X’s expensive mythological serial, is produced by Balaji.
Dheeraj Kumar, chairman and managing director of Creative Eye Ltd, another producer for the channel, said money was owed but he was confident the company would pay up. “There are difficulties, but I don’t feel their intentions are bad. They are making piecemeal payments, and they are not denying that money is due.”
INX Media CEO Indrani Mukerjea said some payments were due, but every effort was being made to make the payments in tranches. “It’s not true that we are not paying anyone. Yes, there are some outstandings, but we are making payments every week little by little so over a period of time everyone will be paid,” she said.
Mukerjea also said 9X will feature fresh content starting March. “We will start running the promos mid-Feb.” Mukerjea, along with husband Peter Mukerjea, who was formerly CEO at Star India, is also an investor in INX Media.
INX Media recently sold partly owned subsidiary INX News Pvt. Ltd, which runs the 24-hour news channel NewsX to Vinay Chajjliani, the Indore-based promoter of Hindi daily Nai Duniya. Terms of the deal has not been disclosed. Majority stake in INX News was held by Indrani Mukerjea, through a holding firm.
Launched in September 2007 with funding from a clutch of private equity investors including Temasek Holdings, New Silk Route and New Vernon Investments, 9X has failed to stay ahead in the race for eyeballs, falling way behind in the TRP race. Recently there has also been a spate of layoffs at the channel, exchange4media reported.
http://www.contentsutra.com/entry/419-cash-crunch-at-inx-media-outstandings-to-producers-mount/
Cash Crunch At INX Media: Outstandings To Producers Mount
By Sruthijith KK - Mon 02 Feb 2009 08:31 AM PST
9X, the general entertainment channel run by INX Media Pvt Ltd, has exceeded the window of credit it has with content providers by several months, according to sources at two production companies that are creditors. 9X has been doing reruns and has not had fresh content on its channel since production personnel went on strike in October.
In the broadcast business, the normal window of credit extended to broadcasters by producers in 60 days from the day of delivery of tapes. According to a senior executive at BAG Films and Media Ltd, a Bombay Stock Exchange-listed producer and broadcaster, payments are due from INX Media for deliveries dating back to June 2008. The person said the company is owed Rs20-25 crore by 9X.
A highly placed source at Balaji Telefilms Ltd said the firm is owed more than Rs30 crore by INX Media and payments have not been forthcoming. The BSE-listed producer, in its first full quarterly reporting since it severed ties with News Corp. subsidiary Star India Pvt. Ltd, recently said net profit was down 96% year-on-year. Kahani Hamare Mahabharat Ki, 9X’s expensive mythological serial, is produced by Balaji.
Dheeraj Kumar, chairman and managing director of Creative Eye Ltd, another producer for the channel, said money was owed but he was confident the company would pay up. “There are difficulties, but I don’t feel their intentions are bad. They are making piecemeal payments, and they are not denying that money is due.”
INX Media CEO Indrani Mukerjea said some payments were due, but every effort was being made to make the payments in tranches. “It’s not true that we are not paying anyone. Yes, there are some outstandings, but we are making payments every week little by little so over a period of time everyone will be paid,” she said.
Mukerjea also said 9X will feature fresh content starting March. “We will start running the promos mid-Feb.” Mukerjea, along with husband Peter Mukerjea, who was formerly CEO at Star India, is also an investor in INX Media.
INX Media recently sold partly owned subsidiary INX News Pvt. Ltd, which runs the 24-hour news channel NewsX to Vinay Chajjliani, the Indore-based promoter of Hindi daily Nai Duniya. Terms of the deal has not been disclosed. Majority stake in INX News was held by Indrani Mukerjea, through a holding firm.
Launched in September 2007 with funding from a clutch of private equity investors including Temasek Holdings, New Silk Route and New Vernon Investments, 9X has failed to stay ahead in the race for eyeballs, falling way behind in the TRP race. Recently there has also been a spate of layoffs at the channel, exchange4media reported.
