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MUMBAI:
The founder group of UTV Software has inked a strategic content
tie-up with ABC News for the upcoming English business news
channel, UTVi.
As
reported earlier by Indiantelevision.com, UTV Software
will pick up 20 per cent stake in the channel, pegging its
initial valuation at Rs 2 billion.
For
this purpose, UTV Software has applied to the Sebi (Securities
Exchange Board of India) for approval.
UTV
News CEO Arun Anant said, “We are waiting for Sebi's
approval, which is expected in six months."
The
content tie-up with ABC News extends UTV's relationship with
Walt Disney, which currently owns a 32.1 per cent stake in
UTV Software on a fully diluted basis.
 Targeting
the young viewers, UTVi is set to launch by the end of April.
UTVi
has an investment plan of Rs 1.20 billion in the first year
and its peak funding requirement will be Rs 1.6-1.8 billion.
UTV
Software Communications CEO Ronnie Screwvala says that UTVi
will broad base from being just a stock market to a business
market channel.
“In
the last few years, there has been a lot of disintegration
of viewers from general entertainment channel (GEC) to more
specified channels. The English business channel UTVi will
cater to the needs of viewers for specified channels,”
adds Screwvala.
ABC
News VP for International Digital David Westin says, "This
gives us an excellent opportunity to provide our reporting
to the people of South Asia, as well as to enhance our coverage
of news in the region. We also plan to work with our new colleagues
at UTVi to create news programs and bulletins combining the
expertise of both organizations for the benefit of the growing
UTV audiences."
With
the head office in Mumbai, UTVi has bureaus in Delhi, Hyderabad,
Ahmedabad and Chennai. Autocar India Editor Hormazd Sorabjee
and rallyist Renuka Kirpalani will team for an auto show.
Youth magazine JAM editor Rashmi Bansal will host a career
show.
The
main target of the channel being students, managers, businessmen
and entrepreneurs shows, UTVi editor in chief Govindraj Ethiraj
says that the channel will have shows on careers, technology,
automobiles, travel and good living.
Also
Read:-
UTV
to put in $10 million, hold 20% in biz news channel
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