Ever since Rang De Basanti got released, there was just one direction for the stocks of production house UTV and that was up! Well, the news is out that Walt Disney, the American entertainment giant has offered to acquire UTV Software Communications for a whooping Rs. 2000 crore!
Disney originally invested in UTV five years ago; spending $44.5 million for a 15% stake later it subsequently increased its holdings to 50.4%.
The statistics of the deal state that Disney has offered about Rs. 1,000 a share to buy the remaining 49.6% stake it does not already own in UTV, which started out in television production, but has expanded into movies, games and other forms of interactive content.
If this deal is successful, UTV's Chief Executive, Ronnie Screwvala, will sell his shares to Disney and become the media conglomerate's Head of Operations in India, while Mahesh Samant, currently managing Disney's assets in India, will become Chief Operating Officer, reporting to Screwvala.
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