THE WALT DISNEY COMPANY said it reached a deal to acquire HUNGAMA TV, a major children's television channel in India.
The U.S. media-entertainment giant said it would also take a stake in Hungama's parent company, UTV SOFTWARE COMMUNICATIONS LIMITED.
Terms were not disclosed, but THE WALL STREET JOURNAL reported that DISNEY would pay about 30 million dollars to acquire HUNGAMA and spend some 15 million dollars to buy a 14.9 percent equity stake in UTV, which produces television programming, animation and Bollywood films.
"India is a long-term strategic priority for The Walt Disney Company. The acquisition of Hungama TV and the investment in UTV will significantly advance our presence in India and allow us to develop a strategic relationship with one of the country's leading integrated media companies," said
ANDY BIRD, President of WALT DISNEY INTERNATIONAL.
"Not only will we be acquiring a great channel asset,
The Walt Disney Company will also be able to participate in UTV's diversified media businesses and bring to UTV our global media and synergy expertise, including developing and distributing high-quality family-friendly content in nearly 200 countries worldwide and expanding related franchises across film, television, music, merchandise, new media and live entertainment."
Tom Blais, thanks for the post.
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