India's UTV cutting costs in broadcasting
Company consolidates ops for four TV channelsMUMBAI -- UTV Software Communications has done "a very sharp review" of its investment plans over the past 60 days and took steps to cut costs in its broadcasting division, it said in a statement on Monday.
The company has consolidated its operations for four television channels -- Bindass, Bindass Movies, UTV Movies and World Movies -- by phasing out its Delhi operations.
Two of its channels were run from Delhi and the other two from Mumbai, it said.
The company has also cut its total investment by over 2 billion rupees to ensure total future investment does not exceed 1 billion rupees, the statement said.
Disney and UTV has already made an initial investment of 3.6 billion rupees, it added.
In August, Walt Disney Co. acquired 15% stake in UTV Global Broadcasting for 1.18 billion rupees, while UTV Software bought 75% stake for 2.4 billion rupees.
Loss in the broadcasting vertical for third and fourth quarters of 2008-09 will not exceed 150 million rupees, while loss for 2009-10 was projected at up to 250 million rupees, it said.