UTV Software plans television JV with Astro Multimedia
UTV Software Communications Ltd said on Monday that it plans a television joint venture with a unit of Malaysia’s Astro All Asia Networks Plc., marking its return to television broadcasting.
UTV in July had agreed to sell its children’s cable and satellite TV channel, Hungama, to Walt Disney Co., but had spelt out its intention to remain in broadcasting through joint ventures with foreign companies.
Astro Multimedia International (BVI) Ltd. and UTV would hold 50 per cent each in the venture, which would operate in India, south Asia and south East Asia, the company said in a statement.
The joint venture would focus on developing content and operating TV channels targeted at the 15-25 age group, UTV said. Astro, along with Indian media firm New Delhi Television Ltd and software firm Value Labs, had bought three private FM radio companie s in January.
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