Walt Disney increases stake in India's UTV
Walt Disney is to invest $233 million in two UTV media businesses as it enhances its focus on the Indian market.
The Walt Disney Company will invest $203 million in UTV Software Communications to increase its stake to 32%, and another $30 million to take a 15% stake in a new company called UTV Global Broadcasting.
The deal will be effected by way of a preferential allotment of 9.35 million shares to Walt Disney at Rs860.79 $21.71 apiece. The price represents a 5% premium to the allotment price based on the SEBI preferential allotment pricing formula.
Ronnie Screwvala, the founder and...
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