07-26-2006, 05:30 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>The Walt Disney Company to Acquire Leading Indian Children's Channel, Hungama TV, and Makes Strategic Investment in UTV Software Communications </b>
MUMBAI, India & BURBANK, Calif.--(BUSINESS WIRE)--July 25, 2006--The Walt Disney Company (NYSE
IS) today announced that it has entered into an agreement to acquire Hungama TV, a<b> leading Indian children's television channel</b>, and take an equity interest in media company UTV Software Communications Limited, in each case subject to regulatory approval. Once final, <b>the acquisition will continue to firmly establish The Walt Disney Company's strategic presence </b>in a rapidly growing media market, where local content production is key.
"India is a long-term strategic priority for The Walt Disney Company. The acquisition of Hungama TV, and the investment in UTV will significantly advance our presence in India and allow us to develop a strategic relationship with one of the country's leading integrated media companies," said Andy Bird, President, Walt Disney International.
"Not only will we be acquiring a great channel asset, The Walt Disney Company will also be able to participate in UTV's diversified media businesses and bring to UTV our global media and synergy expertise, including developing and distributing high-quality family friendly content in nearly 200 countries worldwide and expanding related franchises across film, television, music, merchandise, new media and live entertainment," added Mr. Bird.
"Television is and will continue to be the major growth engine in building franchise affinity in India. Integrating Hungama TV into The Walt Disney Company's existing India channel portfolio of Disney Channel, and Toon Disney/Jetix, will allow Disney to fortify its already strong presence in India's children's television market," said Rich Ross President, Disney Channel Worldwide.
"Disney's global portfolio of kids' channels seeks to strengthen connections with kids and families in India and each market we're in by developing local creative content that represents and reflects the lives of kids there," said Ross.
"Hungama TV has proven its appeal to Indian children and families with compelling entertainment choices and has in a brief period built a strong management team and staked out a leadership position in the competitive children's television environment," said Ronnie Screwvala, Chairman & CEO, UTV Software Communications Limited. "We are also delighted that Disney has chosen to make a strategic investment in UTV which will augment our business in India and around the world," he added.
Zarina Mehta, currently Chief Operating Officer of Hungama TV, will work with the Disney team on the organizational and operational integration of Hungama TV into Disney's portfolio of kids' channels.
Launched in September 2004, Hungama is a 24-hour Hindi-language entertainment cable channel for children and is consistently one of the top-rated channels in India's children's market.
<b>Disney currently reaches over 107 million television homes in India </b>through a program block on the terrestrial network and Disney Channel and Toon Disney/Jetix reached approximately 30 million homes on cable and satellite in India and together rank number two in the market. <b>Toon Disney is number one in South India. </b>
UTV has a diversified set of businesses, which includes television and film production and distribution, animation production, and other services. <!--QuoteEnd--><!--QuoteEEnd-->
<b> © Business Wire 2006 </b>
MUMBAI, India & BURBANK, Calif.--(BUSINESS WIRE)--July 25, 2006--The Walt Disney Company (NYSE
IS) today announced that it has entered into an agreement to acquire Hungama TV, a<b> leading Indian children's television channel</b>, and take an equity interest in media company UTV Software Communications Limited, in each case subject to regulatory approval. Once final, <b>the acquisition will continue to firmly establish The Walt Disney Company's strategic presence </b>in a rapidly growing media market, where local content production is key. "India is a long-term strategic priority for The Walt Disney Company. The acquisition of Hungama TV, and the investment in UTV will significantly advance our presence in India and allow us to develop a strategic relationship with one of the country's leading integrated media companies," said Andy Bird, President, Walt Disney International.
"Not only will we be acquiring a great channel asset, The Walt Disney Company will also be able to participate in UTV's diversified media businesses and bring to UTV our global media and synergy expertise, including developing and distributing high-quality family friendly content in nearly 200 countries worldwide and expanding related franchises across film, television, music, merchandise, new media and live entertainment," added Mr. Bird.
"Television is and will continue to be the major growth engine in building franchise affinity in India. Integrating Hungama TV into The Walt Disney Company's existing India channel portfolio of Disney Channel, and Toon Disney/Jetix, will allow Disney to fortify its already strong presence in India's children's television market," said Rich Ross President, Disney Channel Worldwide.
"Disney's global portfolio of kids' channels seeks to strengthen connections with kids and families in India and each market we're in by developing local creative content that represents and reflects the lives of kids there," said Ross.
"Hungama TV has proven its appeal to Indian children and families with compelling entertainment choices and has in a brief period built a strong management team and staked out a leadership position in the competitive children's television environment," said Ronnie Screwvala, Chairman & CEO, UTV Software Communications Limited. "We are also delighted that Disney has chosen to make a strategic investment in UTV which will augment our business in India and around the world," he added.
Zarina Mehta, currently Chief Operating Officer of Hungama TV, will work with the Disney team on the organizational and operational integration of Hungama TV into Disney's portfolio of kids' channels.
Launched in September 2004, Hungama is a 24-hour Hindi-language entertainment cable channel for children and is consistently one of the top-rated channels in India's children's market.
<b>Disney currently reaches over 107 million television homes in India </b>through a program block on the terrestrial network and Disney Channel and Toon Disney/Jetix reached approximately 30 million homes on cable and satellite in India and together rank number two in the market. <b>Toon Disney is number one in South India. </b>
UTV has a diversified set of businesses, which includes television and film production and distribution, animation production, and other services. <!--QuoteEnd--><!--QuoteEEnd-->
<b> © Business Wire 2006 </b>