Walt Disney Co (DIS)

[$UPERMAN]

UTV Software To Buy 30% More In Indiagames For INR945.6 Million
Date : 10/08/2011 @ 9:05AM
Source : Dow Jones News
Stock : Walt Disney Co. (DIS)
Quote : 31.7 -0.33 (-1.03%) @ 7:48PM

UTV Software To Buy 30% More In Indiagames For INR945.6 Million

Walt Disney (NYSE:DIS)
Today : Saturday 8 October 2011
UTV Software Communications Ltd.(532619.BY), majority owner of Indiagames, said it has entered into an agreement with the founder promoters and employee shareholders of the gaming company, to buy 30.02% more in the company for INR945.6 million.

UTV's stake will increase to 86.02% after the acquisition, it said in an e-mailed statement to the media. UTV also wants to buy the rest of the shares in Indiagames, the statement added.

Walt Disney Co. (DIS) in July said, it will take full control of UTV Software and delist the company, as the U.S. entertainment giant seeks to expand in the South Asian nation's fast-growing media industry.

Mumbai-based UTV's businesses include producing and distributing movies, producing content for television, running TV channels, and gaming and animation. Disney operates television channels, including Hungama TV and Disney XD, and distributes content in India.

-By Sourav Mishra; Dow Jones Newswires; 91-22-61456112 [e-mail]