(25 July 2008 8:30 pm)

MUMBAI: UTV Software Communications Ltd is consolidating the presence of its fifth vertical with the acquisition of United New Media Ventures Ltd (UNMVL) at par value.

UNMVL will serve as the digital content distribution platform for all UTV businesses, while operating as an independent business vertical. UTV has presence in four other verticals - movies, TV content, broadcasting and gaming.

A start-up, UNMVL is founded by UTV promoters and is in the business of web and mobile-based digital content developer and distributor.

With the acquisition in place, UNMVL will become a wholly owned subsidiary of UTV.

"UNMVL is not more than two months old. So it is more like UTV starting its new media vertical which inclues web, mobile and digital through this company," a UTV spokesperson said.