IndiaSphere

Walt Disney has completed the acquisition of UTV Software. The second largest US media house has acquired 22.65% in the open offer and has raised its holding in the media company to 59.94% . Among those who tendered shares at the open offer include asset management giant Fidelity which sold 4.2% out of its 6.75% stake.
The offer which would have cost around Rs 667 crore would give a strong presence in the Indian entertainment business. UTV Software is the holding arm of various entertainment and media businesses including movie production, news and general entertainment television channels, besides gaming business.
This deal marks the completion of the first major buyout of an integrated media house by a multi-national firm. A majority of Indian media groups are family businesses. UTV, led by Rohinton Screwvala, was among the exceptions besides other groups such as Network 18 (Raghav Behl),