Walt Disney completes investment in UTV Global

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Mumbai, Aug 8 (UNI) The Walt Disney Company has completed an investment of Rs 1.18 billion in UTV Global Broadcasting Limited (UGBL) for a 15 per cent stake.

UGBL has allocated 3,00,000 equity shares to The Walt Disney Company (Southeast Asia) Ptv Ltd ''Disney'', under the deal struck in February this year.

At the same time UTV Software Communications Ltd (UTV), had 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 an aggregate consideration of Rs 40 billion, making UGBL a subsidiary of UTV.

The remaining 10 per cent continues to be held by Ronnie Screwvala's Promoter Group.

UGBL is the parent company for its two wholly owned subsidiaries that have launched four channels in six months between September last year and March this year.

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 Software Communications Ltd and 15 per cent in the broadcast arm UGBL at a total out lay of Rs 81.83 billion.

UNI VK RN NP1420

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