Diversified media and entertainment conglomerate Walt Disney Co. (DIS) said Tuesday it will acquire a controlling interest in India-based media and entertainment company UTV Software Communications Ltd., as part of its efforts to expand in one of the world's fastest growing film and television markets.
Disney said that its subsidiary will complete the acquisition through a successful delisting offer for UTV, and enable Disney to integrate UTV's current operations. UTV is a TV producer in India with distribution in 20 countries in seven languages and across 27 channels.
Disney said that Ronnie Screwvala, CEO of UTV, has been named managing director of Walt Disney Co. India, a new holding company that will manage UTV alongside other assets of the company. Screwvala will report to Andy Bird, Chairman, Walt Disney International.
Disney said that following the acquisition, it will produce both UTV and Disney-branded local films. The acquisition will enable Disney to be a leading broadcaster, reaching more than 100 million viewers weekly in households across India. The company will also gain a significant presence in digital media with the addition of UTV's Indiagames, a mobile gaming company, to its portfolio.
In July 2011, UTV Software's board approved a proposal from Walt Disney, which held 50.4 percent of the Indian media company's 40.6 million outstanding shares as of June 30, to buy out other shareholders for a maximum price of 1,000 rupees.
Disney currently owns kids' television networks in India such as Disney Channel, Disney XD and Hungama, and is the largest retail character licensor in the country.
DIS closed Tuesday's trading at $38.90, down $0.09 or 0.23 percent on a volume of 14.02 million shares.
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