Tuesday, July 25, 2006
Disney to purchase TV assets in India
Walt Disney said Tuesday that it would buy an Indian maker of television programs and a children's channel for $44.5 million as it vies competes against Time Warner for local advertising revenue.
Walt Disney said it would buy 14.9 percent of UTV Software Communications for $14 million and pay $30.5 million for Hungama, a Hindi-language channel that is owned by UTV.
The acquisitions, the biggest in the Indian media industry, require regulatory approvals.
Walt Disney is expanding in India as economic growth spurs spending by consumers. Time Warner runs the Cartoon Network channel, while Walt Disney runs the Toon Disney and the Disney Channel in India.
Posted by MITCH TV at 11:35 AM