Walt Disney acquires stake in UTV

AP News
Posted: Jan 31, 2012 6:45 PM
Walt Disney acquires stake in UTV

The Walt Disney Co. said Tuesday that it will acquire a controlling stake in UTV, India's largest media and entertainment company.

The financial terms of the deal were not disclosed.

Disney said the two companies plan to integrate their operations. The deal will help increase Disney's reach in this key international market.

UTV is the leading television producer and broadcast network in India. It also produces movies and interactive media

Disney already has a footprint in the country as it owns India's three leading children's television networks. The deal will make the U.S. company India's leading film studio as well. It plans to produce both UTV films and Disney-branded local films.

The companies earlier announced that UTV CEO Ronnie Screwvala will become managing director of The Walt Disney Company India.

Shares of Disney fell 8 cents to $38.82 in after-hours trading.