UTV strikes two major deals with Walt Disney
In one of the largest media and entertainment foreign investments into India, The Walt Disney Company (Southeast Asia) Pte Ltd (TWDC), a subsidiary of The Walt Disney Company, is to invest approximately INR 805 crores (USD 203 million) into UTV Software Communications Limited (UTV). At the same time, TWDC will also invest with UTV in UTV Global Broadcasting Limited (UGBL) by acquiring a 15% stake worth ~ INR 119 crores (USD 30 million). TWDC's investments in UTV and UGBL, together with the warrants to be issued to Ronnie Screwvala's Promoter Group, of INR 390 crores after exercise, makes this total deal size about INR 1,314 crores (~USD 330 million).
Ronnie Screwvala commented, "This partnership across Movies, TV Content, Interactive and Broadcasting, endorses our leadership position in India and South East Asia and propels our already growing global story. Over the last year we have learnt to work well together and the speed at which this collaborative deal was put together is testament to the strong working relationship we have built"