New Delhi, Aug 8 (UNI) The Walt Disney Company has completed acquisition of 15 per cent stake in UTV Global Broadcasting Ltd (UGBL) for Rs 118 crore.
The UGBL has allocated 3,00,000 equity shares to The Walt Disney Company(Southeast Asia) Pte Ltd (Disney). The deal was announced in February this year, UTV sources said.
At the same time UTV Software Communications Ltd (UTV), has been allotted 15,00,000 equity shares of Rs 10 each of UGBL, constituting 75 per cent of the paid up share capital of the company, for a aggregate consideration of Rs 240 crore, making UGBL a subsidiary of UTV.
The remaining 10 per cent continues to be held by Ronnie Screwvala's Promoter Group.
With the completion of this investment, the largest media and entertainment foreign investments into India, Disney has completed 32.1 per cent acquisition in parent UTV and 15 per cent in the broadcast arm UGBL at a total out lay of Rs 8,183 crore, company sources said.
The UGBL is the parent company for its two wholly-owned subsidiaries that have launched four channels in six months between September 2007-March 2008.
The subsidiary-- Genx Entertainment Ltd houses the youth brand-- Bindass, launched in September 2007. Bindass is a youth entertainment channel which offers a unique blend of programming in well researched genres that attract Indian youth.
'Bindass Movies' is another innovative channel offering sharply targeted at Indian youth.
The second subsidiary of UGBL is UTV Entertainment Television Ltd that houses 'World Movies', the only 24-hour channel dedicated to movies from around the globe.
'UTV Movies' is the only 24-hour Hindi movie channel that has the lineage and experience of UTV Motion Pictures, one of the largest Hindi movie studios in India.
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