| MUMBAI:
UTV Software Communications Ltd. is increasing its stake in the subsidiary broadcasting
company UTV Global Broadcasting Ltd. (UGBL) by 10 per cent for Rs 329.7 million.
The fresh deal
values UGBL almost 59 per cent lower than last year when The Walt Disney Company
took a 15 per cent stake in UGBL for Rs 1.19 billion at an enterprise value of
Rs 7.93 billion. UGBL owns and operates four channels - UTV Movies, UTV World
Movies, Bindass and Bindass Movies - through its two wholly owned subsidiaries,
Genx Entertainment and UTV Entertainment Television. UTV
will buy the shares of UGBL from Unilazer Exports & Management Consultants
Ltd, a promoter group company of UTV Software. UTV Software currently holds 75
per cent of UGBL. Founder-promoter Ronnie Screwvala will now hold stake in UGBL
through his holding in UTV Software. UGBL
has met its advertising revenue target for the year to March 2009 while parallelly
initiating strong steps for course correction in personnel, programming, distribution
and other operational costs. The broadcasting business has managed to limit losses
to its minimal level, UTV said. Also
Read: Walt
Disney to up stake in UTV to 32%, invest Rs 9.2 billion in full deal UTV
Movies acquires 250 titles; earmarks Rs 300 mn for channel promotion | 
