Walt Disney has offered to buy the remaining stakes of India-based UTV Software Communications which it currently doesn’t own for $454m in a bid to expand its presence in Bollywood.
Walt Disney Company (South East Asia), a subsidiary of California-based Disney, which currently owns 50.44% of UTV Software has offered to buy all remaining shares held by public share holders and promoters of the company.
The Indian promoter of UTV Software, Ronnie Screwvala and family will divest their 19.8% stake in the company but will remain as managing director Walt Disney’s Indian entity following the buyout.
UTV Software makes and distributes movies, produces television programmes and other digital media, and also has a presence in gaming.
The company operates through subsidiaries, including movie production under UTV Motion Pictures, Indiagames, and UTV Global Broadcasting that broadcasts entertainment and movie channels.
Following the acquisition the companies will become part of Walt Disney’s Indian unit.
