Co. paid $28 million for a 15% stake in UGBL
The Walt Disney Co. has completed the investment in Indian group UTV Global Broadcasting (UGBL) that it announced in February.The Mouse House paid 1.18 billion rupees ($28.1 million) for a 15% stake in UGBL, the UTV Software Communications offshoot responsible for launching TV nets in India. UGBL has so far bowed youth channel Bindass and its sister channel Bindass Movies, World Movies and Bollywood channel UTV Movies. Bombay Stock Exchange-listed UTV Software Communications remains UGBL’s majority owner with a 75% stake, while UTV topper Ronnie Screwvala and his associates have the remaining 10%. Disney had previously raised its stake in UTV Software Communications to 32% from 14%. Total outlay for the two UTV deals is a revised $219 million.