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Walt Disney plans to buy rest of UTV's stake

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Walt Disney Co plans to buy the rest of UTV Software Communications (UTV) it does not own and delist the company in a deal potentially valued at $454 million, or Rs 2,014 crore, as the US entertainment giant seeks to expand its presence in Bollywood, media and gaming.

The Burbank, California-based company, which owns 50.44% of UTV Software, said in a statement it would buy out public shareh



lders at a price not exceeding 1,000 per share, an 11% premium to Monday's stock closing price of Rs 901.8. The buyout will give Walt Disney control over five businesses.

Disney said it would also buy the 20% stake held by promoter Rohinton (Ronnie) Screwvala and his associates if it garnered enough shares to delist the company. It, however, said delisting of a public company in India was a long process and could take several months to complete and would cease to be the chairman and managing director ofUTV Software Communications and become the managing director ofThe Walt Disney Company India, responsible for overseeing Indian businesses of theDisney Group.

India is the world's third-largest TV market trailing China and the US with nearly 138 million TV households, according to a March 2011 report by KPMG and industry lobby FICCI. The media and entertainment industry is likely to expand 14% annually until 2015, with segments such as TV, gaming and animation expected to outpace the industry growth, the report said. Based on article published in ET.











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