With Walt Disney eyeing an increased stake in UTV Software Communications, the Mumbai-based entertainment and media production arm of UTV, has decided to call off its association with Malaysian media company Astro Multimedia International.
UTV Software and Astro had entered into a co-operation arrangement earlier this year via a company – GenX Entertainment – to to set up kids channels in Malaysia and Indonesia. But with Walt Disney expected to increase its stake to over 20% in UTV, the UTV officials decided to call off their arrangement with Astro Multimedia, industry sources said.
Walt Disney runs two kids channels in India.
UTV Software has already launched a youth channel called ‘Bindass’ and is expected to launch at least four more channels in the genre of general entertianment, news and current affairs and kids by the end of next year.
According to an official release issued by the company to the BSE today, it is in advance discussion with some financial and/or strategic investors to fund broadcasting initiatives. Source: business-standard
