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Walt Disney to acquire controlling stake in UTV
US-based The Walt Disney Company has announced it will acquire full control of Indian media and entertainment company UTV Software and Communications Ltd following completion of a delisting offer and the company will subsequently be integrated within Disney’s own operations.
“The acquisition will be completed through a successful delisting offer,” UTV Software Communications said in a filing to the BSE on Wednesday.
In July last year Walt Disney Co, through its subsidiary Walt Disney Company (South East Asia) Pte Ltd, offered to buy out stakes held by public shareholders and other promoters of UTV in a deal valued at around `2,000 crore. In December, 2011, the Cabinet Committee on Economic Affairs (CCEA) approved the proposal of Walt Disney Co to increase its shareholding in UTV.
As of December 31, 2011, the promoters and promoter group shareholding in UTV stood at 70.04 per cent, including 50.28 per cent owned by Walt Disney Company (South East Asia) Pte Ltd. As part of the deal, UTV Chief Executive Officer Ronnie Screwvala has been appointed Managing Director of The Walt Disney Company India.
Following completion of the deal, Disney will produce both UTV and Disney-branded local films, the BSE filing added.
US-based The Walt Disney Company has announced it will acquire full control of Indian media and entertainment company UTV Software and Communications Ltd following completion of a delisting offer and the company will subsequently be integrated within Disney’s own operations.
“The acquisition will be completed through a successful delisting offer,” UTV Software Communications said in a filing to the BSE on Wednesday.
In July last year Walt Disney Co, through its subsidiary Walt Disney Company (South East Asia) Pte Ltd, offered to buy out stakes held by public shareholders and other promoters of UTV in a deal valued at around `2,000 crore. In December, 2011, the Cabinet Committee on Economic Affairs (CCEA) approved the proposal of Walt Disney Co to increase its shareholding in UTV.
As of December 31, 2011, the promoters and promoter group shareholding in UTV stood at 70.04 per cent, including 50.28 per cent owned by Walt Disney Company (South East Asia) Pte Ltd. As part of the deal, UTV Chief Executive Officer Ronnie Screwvala has been appointed Managing Director of The Walt Disney Company India.
Following completion of the deal, Disney will produce both UTV and Disney-branded local films, the BSE filing added.
