9X Music channels on Sale? Sony Interested?

http://economictimes.indiatimes.com/industry/media/entertainment/media/new-silk-route-in-talks-with-sony-pictures-to-sell-9x-media-for-rs-250-300-crore/articleshow/51231993.cms

New Silk Route, an India-focused private equity fund, and Pradeep Guha are in talks with Sony Pictures Networks India among other investors to sell music channels group 9X Media for anywhere between Rs 250 crore and Rs 300 crore.

The PE fund, that holds around 80% stake in the company, expects to barely recover the amount it had invested in the business nine years ago.

“The PE investor is growing impatient as it has stayed its course. However, the buyers are not ready to pay such a hefty valuation,” said a person involved in the discussions. The sale process, the person added, is driven by Pradeep Guha, the group’s chief executive officer who also owns around 15% stake in the company.

9X Media operates five music channels — 9XM (Bollywood music), 9X Tashan (Punjabi music), 9X Jalwa (retro Bollywood hits), 9X Jhakaas (Marathi music) and 9XO (international music).

Guha worked with NSR to restructure the business by selling the loss-making Hindi general entertainment channel 9X to Zee Entertainment. INX News was subsequently sold to Indi Media.

So finally it looks like all channels from INX group found new owners…
If INX had no confidence of running channels, why did they got into channels business at all?

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