Disney to pay up to Rs 1,100/share to buy UTV, delisting begins on 6 Feb

Walt Disney Co, which owns a controlling stake in UTV Software Communications , will acquire the latter's shares at or below Rs 1,100, according to a public announcement in the Economic Times newspaper.

The US company earlier said it would pay Rs 835.03 to Rs 1,000 a share for the acquisition.

[caption id="attachment_200998" align="alignleft" width="380" caption="UTV produces television content in India with distribution in20 countries across 27 channels. It also owns six channels. Reuters"][/caption]

Walt Disney has received "adequate shares" at or below Rs 1,100 , the entertainment conglomerate said, adding that its stake would exceed 90 percent of UTV's share capital if it accepts these shares.

Walt Disney will start the process to delist UTV shares from local stock exchanges after February 6, according to the announcement.

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Ronnie Screwala, the chief executive of UTV, has been named the managing director of the Walt Disney Company India, the US company had said on Wednesday.

UTV produces television content in India with distribution in20 countries across 27 channels. It also owns six channels. Disney currently owns India's kids' television networks Disney Channel, Disney XD and Hungama.

Reuters