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January 31, 2012
DISNEY TO ACQUIRE CONTROLLING INTEREST IN UTV SOFTWARE COMMUNICATIONS LIMITED (UTV) IN INDIA
Disney and UTV to integrate operations -- Ronnie Screwvala named Managing Director, The Walt Disney Company India --
Burbank, Calif. and Mumbai, India (January 31/February 1, 2012) – The Walt Disney Company (NYSE: DIS) announced today it will acquire, through a subsidiary, a controlling interest in UTV, one of India's premier media and entertainment companies. The acquisition will be completed through a successful delisting offer and will enable Disney to integrate UTV's current operations. In addition, UTV CEO Ronnie Screwvala has been named Managing Director, The Walt Disney Company India reporting to Andy Bird, Chairman, Walt Disney International.
"Increasing our brand presence and reach in key international markets is a cornerstone of our growth strategy. This acquisition expands our footprint significantly and allows us to more effectively build, monetize and brand multi-platform franchises, and deliver a rich library of content to the world's second largest population," said Mr. Bird. "We couldn't be more pleased that Ronnie, with his vast experience and proven track record, will now run our operations in India. Under his leadership, we will be able to deliver more programming on more platforms to this considerable audience."
As a result of this acquisition and building on UTV's success in the market, Disney will be India's leading film studio and will produce both UTV and Disney-branded local films.
UTV is the leading TV producer in India with distribution in 20 countries in seven languages and across 27 channels. Its six owned channels have emerged as the fastest growing cable and satellite network in India. In three years UTV has also become a leading broadcast network in the country. After the transaction, Disney will be one of the leading broadcasters reaching more than 100 million viewers weekly in households across India. Disney will also gain a significant presence in digital media with the addition of UTV's Indiagames, the country's number one mobile gaming company, to its portfolio.
"In combining the creative capabilities of each company we will integrate a large stable of vibrant brands and franchises in the branded entertainment space," said Mr. Screwvala. "With the middle class expected to grow from 50 million to more than 500 million people by 2025, this market offers huge potential for us to deliver quality branded entertainment to consumers," he said.
Disney currently owns India's leading kids' television networks Disney Channel, Disney XD and Hungama and is the largest retail character licensor in the country. The Company's mobile, internet and gaming division creates some of India's most popular content, including Club Penguin, the virtual world for kids that launched in India in 2010.
About The Walt Disney Company:
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 company and had annual revenues of about $40.9 billion in its last fiscal year.
About UTV Software Communications Ltd: UTV is a leading media and entertainment company in India reaching more than 247 million consumers with a presence in motion pictures, television and interactive media. UTV is listed on India's premier stock exchanges, The Bombay Stock Exchange (BSE Limited) and the National Stock Exchange (NSE), and The Walt Disney Company holds a strategic stake in the company. More information on the group is available at www.utvgroup.com.
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