(MARCH 9, 2008)
Would acrooge approve?
THEN Last fortnight, a regional subsidiary of The Walt Disney Company upped its stake in Ronnie Screwvala's UTV from 13.7 per cent to 32.1 per cent, shelling out Rs 805 crore in the bargain. The Disney arm will also take 15 per cent for Rs 119 crore in UTV Global Broadcasting (UGBL), the parent company of Genx Entertainment and UTV Entertainment Television in which UTV has bought 75 per cent for Rs 240 crore. The remaining 10 per cent will be held by Screwvala's promoter group. The total investment of Disney in the UTV Group stands at Rs 1,314 crore. "This investment in the UTV Group is The Walt Disney Company's commitment to international growth. This investment complements our fast-growing Disney-branded businesses and long-held joint venture in ESPN Star Sports," says Andy Bird, Chairman, Walt Disney International, and a board member of UTV.
NOW Walt Disney Co, owner of 50.44 per cent of UTV Software Communications Ltd, offered to buy all outstanding shares for as much as Rs 2,010 crore in July 2011. As part of its expansion in Bollywood, the world's biggest media company sought to buy out 19.82 per cent stake held by UTV founders and the remainder from public shareholders.