Walt Disney is close to increasing its stake in Ronnie Screwvala-promoted media company UTV Software Communications to 32 per cent. |
At present, Walt Disney holds 14.85 per cent in the company while the promoters own 30.6 per cent.The deal, according to sources, is estimated at around Rs 1,300 crore. |
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In addition, Walt Disney will also buy 15 per cent stake in UTV's broadcasting subsidiary which is to soon launch an English business news channel. |
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The announcement is likely to be made on Monday. Recently, Screwvala reportedly said that the company was close to signing a strategic partner. In 2006, Walt Disney bought out UTV's kids channel Hungama. |
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UTV Software Communication deals in motion pictures, newmedia (gaming and animation), broadcast and television content. |
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The company is slated to launch a bouquet of eight channels this year under its subsidiary, UTV Broadcasting. Last year, it launched a youth channel Bindass and movies channel Bindass Movies. It has also launched World Movies Channel this year. |
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UTV has grand plans for its foray in the broadcasting venture. UTV Global Broadcasting, its wholly owned subsidiary, will launch 9 channels in a phased manner with an outlay of Rs 600 crore. This would include regional channels in the entertainment space. |
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However, it isn't clear yet if Walt Disney's stake in the broadcasting venture will also mark the American Broadcasting Company News-owned company's foray in the Indian business news space. |
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