wordpress blog stats
Connect with us

Hi, what are you looking for?

Disney Formally Announces Acquisition Of UTV; Ronnie Screwvala To Be MD Of Indian Entity

Walt Disney has formally announced that it will acquire, through a subsidiary, a controlling interest in UTV and integrate operations of the two companies. This comes shortly after Disney made a buy back offer for acquiring 12,215,776 equity (29.96%) shares from the public shareholders of UTV Software Communications. Post de-listing, Disney will have a controlling stake of 80.25% of the 40,767,250 shares in UTV, with the remaining stake of 19.82 owned by Ronnie Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong Kong) and Zarina Mehta. As part of the delisting process, Disney has conveyed the intent of delisting via a press statement and a public announcement ad. The Cabinet Committee on Economic Affairs had already approved Disney’s FDI Proposal to increase its shareholding from 50.44% to 100% in UTV, clearing the way for the acquisition. According to Disney, the acquisition will be completed through a successful delisting offer, which was already approved by UTV's shareholders, and will enable Disney to integrate UTV’s current operations. Disney has named UTV CEO Ronnie Screwvala as Managing Director, The Walt Disney Company India, who will be reporting to Andy Bird, Chairman, Walt Disney International, and running the operations. Disney said that the acquisition will allow the company to " more effectively build, monetize and brand multi-platform franchises, and deliver a rich library of content to the world’s second largest population." Screwvala said that the company will integrate a large stable of brands and franchises in the branded entertainment space. Following the acquisition, Disney will produce both UTV and Disney-branded local films, and will…

Please subscribe/login to read the full story.
Written By

Free Reads

News

A recent report by CDCL presents ex-ante rules as existing in a complementary relationship with ex-post rules, where sectoral authorities would “set the rules...

News

Amazon and Flipkart are opposing untested ex-ante regulations modeled according to the EU Digital Markets Act in India, saying the current system is already...

News

As per a report, Apple has been testing its own large language model (LLM) since last year but its technology remains behind the AI...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ