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UTV Q3-FY12 Results: Loss Of Rs 7.29 Cr For Gaming & Interactive

UTV Software , which was recently acquired by Walt Disney, has reported a loss of Rs 7.29 crore for its Gaming and Interactive segment, for the quarter ended December 31st 2011, in contrast with the profit of Rs 10.63 crore that it reported last year for the same quarter. The revenues for the segment were at Rs 30.69 crore, down from Rs 45.93 crore reported for the corresponding quarter last year. Capital employed in the segment by the company has increased to Rs 921.45 crore, up from Rs 700.40 crore for Q3 FY-11.

UTV owns businesses in films (UTV Motion Pictures), broadcasting (UTV Movies,Bindass, UTV Action, and UTV World Movies), Gaming (True Games, Ignition Entertainment and Indiagames) and Web and Mobile (UTV Interactive). The games and interactive segment includes True Games, Ignition, Indiagames and UTV Interactive. The company’s operations have been integrated with Walt Disney following which Disney will produce both UTV and Disney-branded local films. Disney had also said that it will gain significant presence in digital media by acquiring Indiagames from UTV.

UTV had already made its intent clear on Indiagames – it had said that post delisting, the rights to acquire Indiagames shares might be assigned to Disney or its affiliates. In October, UTV had bought 30.02% in Indiagames from its Founder Promoters and Employee Shareholders for Rs 94.56 crore, following which it increased its stake to 86.02%, from 56%. It was negotiating with other shareholders to increase its stake to 100%.

Download: Financial Report

Disney Acquires Promoters’ stake: Disney has also acquired the promoters’ stake in UTV consisting of 17,27,347 Shares from Rohinton Screwvala and 55,76,133 Shares from Unilazer Exports and Management Consultants Limited at an Exit Price of Rs 1,100 (Rupees Eleven Hundred) per Share; and 7,50,000 Shares from Unilazer (Hong Kong) Limited at Rs 5  per Share, giving it complete ownership of UTV.

It had earlier made a buy back offer for acquiring 12,215,776 equity (29.96%) shares from the public shareholders of UTV Software Communications, for which it has fixed a price of Rs 1,100. Disney has said that it will initiate the necessary steps to delist its Shares from the BSE and the NSE.

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Related:
Disney Formally Announces Acquisition Of UTV; Ronnie Screwvala To Be MD Of Indian Entity
– Disney Delisting Offer For UTV Shareholders Begins Jan 16th 2012
– Indian Government Approves Disney’s Buyout Of UTV
– Updated: Disney To Buy Indiagames Promoters Stake For Rs 94.56 Crore; What Will Change?
– UTV Shareholders Approve Delisting


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