UTV JV With Malaysian Co Astro; To Launch TV Channels, Games, Website Targeting Youth
Ronnie Screwvala’s UTV and Malaysian DTH and Pay TV co Astro All Asia Networks Plc. have planned a 50:50 joint venture that will launch a TV channel, gaming solutions, a website and other projects. The total investment in the venture is Rs.150 crores. [Reuters]
The Economic times, however, reports that Astro is investing Rs.90 crore, while UTV is putting in Rs.60 crore. The company also plans to raise Rs.50 crore as debt. The projects will be multilingual, across platforms and targeting the youth in the 17-25 year age group, across India and South East Asia. The first TV channel will be launched in the second quarter of 2007.
Talks of an acquisition by UTV in the gaming space have been reported regularly over the past few months, but no news on a deal being finalised yet. The youth focus (a shift from the Hungama TV TG) is interesting, since it targets a group that is willing and able to invest, and progressively shifting to the Internet for the lack of quality entertainment on TV (at least, that’s that I think). Some of our coverage of UTV in the past:
- News Corp, Walt Disney In Race For UTV
- UTV Films, BODVOD In Distribution Pact
- UTV Looking To Acquire Gaming And Online Content Companies
- Will Smith Signs $30-Million Film Deal With UTV Entertainment
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