Entertainment giant Walt Disney Corporation has announced it is to take a majority stake in Indian media conglomerate UTV; the studio behind such releases as ‘Delhi Belly’, ‘7 Khoon Maaf’ and the latest Imran Khan-starrer ‘Ekk Main aur Ekk Tu’.
The deal – for an undisclosed sum – follows a decision by the Indian parliament to approve Disney’s proposal to buyout those shares of UTA it did not previously own.
It is a massive boost for Disney’s expansion plans in India – where the company already owns 3 TV channels. Apart from motion pictures, UTV holds interests in a wide variety of fast growing media segments; from TV content to gaming, animation and radio.
Disney said that the acquisition of the Indian firm will give it an opportunity to further enhance its presence in a market which has a growing consumer base.
Disney is planning to delist UTV, which is traded on the Bombay Stock Exchange and the National Stock Exchange.
It has named UTV’s CEO and Founder chairman Ronnie Screwvala as the managing director of the new entity.
– UKAsian Staff