Magazine article Screen International

Disney Acquires Controlling Interest in India's UTV

Magazine article Screen International

Disney Acquires Controlling Interest in India's UTV

Article excerpt

Citing the move as a "cornerstone" of its growth strategy, Walt Disney Company bought the interest through an unnamed subsidiary. UTV is one of the sub-continent's leading media and entertainment companies.

The acquisition will be completed through a successful delisting offer and will enable Disney to integrate UTV's current operations. UTV CEO Ronnie Screwvala has been named managing director of The Walt Disney Company India and reports to Walt Disney International chairman Andy Bird.

As a result of the acquisition, Disney will produce UTV-branded and Disney-branded films for the local market. The deal means Disney also gains control of UTV's mobile gaming company Indiagames.

"Increasing our brand presence and reach in key international markets is a cornerstone of our growth strategy," Bird said. "This acquisition expands our footprint significantly and allows us to more effectively build, monetise and brand multi-platform franchises, and deliver a rich library of content to the world's second largest population. …

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