Walt Disney to acquire controlling stake in UTV

US-based The Company has announced it will acquire full control of Indian media and entertainment company and Communications Ltd following completion of a delisting offer and the company will subsequently be integrated within Disney's own operations.

"The acquisition will be completed through a successful delisting offer," UTV Software Communications said in a filing to the BSE today.

In July last year Walt Disney Co, through its subsidiary Walt Disney Company (South East Asia) Pvt Ltd, offered to buy out stakes held by public shareholders and other promoters of UTV in a deal valued at around Rs 2,000 crore.

In December, 2011, the Cabinet Committee on Economic Affairs (CCEA) approved the proposal of Walt Disney Co to increase its shareholding in UTV.

As of December 31, 2011, the promoters and promoter group shareholding in UTV stood at 70.04%, including 50.28% owned by Walt Disney Company (South East Asia) Pte Ltd.

As part of the deal, UTV Chief Executive Officer Ronnie Screwvala has been appointed Managing Director of The Walt Disney Company India.

Following completion of the deal, Disney will produce both UTV and Disney-branded local films, the BSE filing added.

"In combining the creative capabilities of each company, we will integrate a large stable of vibrant brands and franchises in the branded entertainment space," Screwvala said.

The Indian market offers huge potential as the middle class is expected to become more than 500 million people by 2025, compared to 50 million at present, he added.

Commenting on the deal, Walt Disney International Chairman Andy Bird said: "This acquisition expands our footprint significantly and allows us to more effectively build, monetise and brand a multi-platform franchise and deliver a rich library of content to the world's second largest population."

Increasing Disney's brand presence and reach in key international markets is a cornerstone for its growth strategy, he added.

UTV operates in five verticals -- broadcasting, games, motion pictures, digital content and television content.

UTV scrips were trading at 1,060 apiece, up 0.37% from their previous close on the BSE.

image
Business Standard
177 22
Business Standard

Walt Disney to acquire controlling stake in UTV

Press Trust of India  |  New Delhi 



US-based The Company has announced it will acquire full control of Indian media and entertainment company and Communications Ltd following completion of a delisting offer and the company will subsequently be integrated within Disney's own operations.

"The acquisition will be completed through a successful delisting offer," UTV Software Communications said in a filing to the BSE today.

In July last year Walt Disney Co, through its subsidiary Walt Disney Company (South East Asia) Pvt Ltd, offered to buy out stakes held by public shareholders and other promoters of UTV in a deal valued at around Rs 2,000 crore.

In December, 2011, the Cabinet Committee on Economic Affairs (CCEA) approved the proposal of Walt Disney Co to increase its shareholding in UTV.

As of December 31, 2011, the promoters and promoter group shareholding in UTV stood at 70.04%, including 50.28% owned by Walt Disney Company (South East Asia) Pte Ltd.



As part of the deal, UTV Chief Executive Officer Ronnie Screwvala has been appointed Managing Director of The Walt Disney Company India.

Following completion of the deal, Disney will produce both UTV and Disney-branded local films, the BSE filing added.

"In combining the creative capabilities of each company, we will integrate a large stable of vibrant brands and franchises in the branded entertainment space," Screwvala said.

The Indian market offers huge potential as the middle class is expected to become more than 500 million people by 2025, compared to 50 million at present, he added.

Commenting on the deal, Walt Disney International Chairman Andy Bird said: "This acquisition expands our footprint significantly and allows us to more effectively build, monetise and brand a multi-platform franchise and deliver a rich library of content to the world's second largest population."

Increasing Disney's brand presence and reach in key international markets is a cornerstone for its growth strategy, he added.

UTV operates in five verticals -- broadcasting, games, motion pictures, digital content and television content.

UTV scrips were trading at 1,060 apiece, up 0.37% from their previous close on the BSE.

RECOMMENDED FOR YOU

Walt Disney to acquire controlling stake in UTV

US-based The Walt Disney Company has announced it will acquire full control of Indian media and entertainment company UTV Software and Communications Ltd following completion of a delisting offer and the company will subsequently be integrated within Disney's own operations.

US-based The Company has announced it will acquire full control of Indian media and entertainment company and Communications Ltd following completion of a delisting offer and the company will subsequently be integrated within Disney's own operations.

"The acquisition will be completed through a successful delisting offer," UTV Software Communications said in a filing to the BSE today.

In July last year Walt Disney Co, through its subsidiary Walt Disney Company (South East Asia) Pvt Ltd, offered to buy out stakes held by public shareholders and other promoters of UTV in a deal valued at around Rs 2,000 crore.

In December, 2011, the Cabinet Committee on Economic Affairs (CCEA) approved the proposal of Walt Disney Co to increase its shareholding in UTV.

As of December 31, 2011, the promoters and promoter group shareholding in UTV stood at 70.04%, including 50.28% owned by Walt Disney Company (South East Asia) Pte Ltd.

As part of the deal, UTV Chief Executive Officer Ronnie Screwvala has been appointed Managing Director of The Walt Disney Company India.

Following completion of the deal, Disney will produce both UTV and Disney-branded local films, the BSE filing added.

"In combining the creative capabilities of each company, we will integrate a large stable of vibrant brands and franchises in the branded entertainment space," Screwvala said.

The Indian market offers huge potential as the middle class is expected to become more than 500 million people by 2025, compared to 50 million at present, he added.

Commenting on the deal, Walt Disney International Chairman Andy Bird said: "This acquisition expands our footprint significantly and allows us to more effectively build, monetise and brand a multi-platform franchise and deliver a rich library of content to the world's second largest population."

Increasing Disney's brand presence and reach in key international markets is a cornerstone for its growth strategy, he added.

UTV operates in five verticals -- broadcasting, games, motion pictures, digital content and television content.

UTV scrips were trading at 1,060 apiece, up 0.37% from their previous close on the BSE.

image
Business Standard
177 22
Widgets Magazine

More News

  • Monthly payment bug bites Apple as iPhone SE sales sag Apple to launch iPhone 7, other new offerings on September 7
  • Shipping Corporation of India ship GE Shipping, SCI on asset-buying spree
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard