Disney-UTV deal gets India's OK
EmptyNEW DELHI -- India's government on Thursday approved Disney's plan to invest $233 million in Mumbai-based diversified media group UTV.
Approval from India's Foreign Investment Promotion Board clears the way for Disney to raise its stake in UTV Software Communications to 32.1% for an investment of $203 million.
Disney, which holds 14.9% of UTV, announced its investment plans in February.
The government also approved Disney's acquisition of a 15% stake in UTV's recently launched broadcasting company, UTV Global Broadcasting, for $30 million, UTV confirmed Thursday.
UTV Global recently launched youth channel Bindass, Bindass Movies and World Movies.