Disney Completes Investment in UTV Broadcasting Business

MUMBAI, August 8: The Walt
Disney Company, which already owns 32.1 percent of UTV Software Communications,
has completed the acquisition of a 15-percent interest in the Indian media
company’s broadcasting arm.

Disney spent Rs. 1.18
billion ($28 million) for 15 percent of UTV Global Broadcasting (UGBL), which
operates four channels in India. UTV Software Communications is the majority
owner of UGBL with a 75-percent stake, and the balance 10 percent is held by
the company’s founder and CEO, Ronnie Screwvala.

Through its Genx
Entertainment division, UGBL operates the Bindass youth entertainment channel
as well as Bindass Movies, delivering Hollywood movies in Hindi. Through UTV
Entertainment Television, the business operates World Movies, a 24-hour channel
devoted to films from around the world, and UTV Movies, a Bollywood channel
that taps into the resources of UTV’s own feature film library.

—By Mansha Daswani