UTV acquires 76% stake in IT Nation

"UTV New Media envisages an investment of around Rs 120 crore over the next two years into a combination of the internet space, with a portfolio of ten portals targeted at specific needed gaps in the internet space," T N Prabhu, CEO of UTV New Media said in a statement. "UTV will accquire 20,000 music titles including Jodhaa Akbar and the upcoming Akshay Kumar starrer Singh is King."

The investment will also include online technology space with IT Nation and in the online business space with UTVi.com, the business website for the recently launched UTVi business channel, he said. The intention is to create digital assets such as images, music, ring tones and videos for the catalogues. Also in place are relationships and arrangements with 65 mobile operators across the world to distribute the mobile content, he said.