UTV New Media acquires 76% stake in IT Nation

UTV New Media, the digital media arm of UTV Software Communications, today announced its foray into the digital media space with the acquisition of a controlling stake of 76 per cent in 'IT Nation', a leading online infomediary, for Rs 15 crore.

UTV New Media envisages an investment of around Rs 120 crore over the next two years into the internet space with a portfolio of 10 portals. UTV will acquire 20,000 music titles, including Jodhaa Akbar and upcoming Akshay Kumar starrer movie.

The investment will also include online technology space with IT Nation and in the online business space with UTVi.Com, the business website for the recently launched UTVi business channel.

The intention is to create digital assets such as images, music, ring tones and videos for the catalogues. Also in place are relationships and arrangements with 65 mobile operators across the world to distribute the mobile content.

UTV Motion raises $70mn from UK IPO

Media and entertainment firm UTV Motion Pictures on Tuesday said it has raised 70 million dollars (around Rs 290 crore) through its listing on the Alternative Investment Market (AIM) of London Stock Exchange.

Upon listing, UTV Motion Pictures, a subsidiary of UTV Software, is expected to have a market value of 309.3 million dollars (over Rs 1,200 crore) as promoters are seeking to dilute 25 per cent of its total equity base through the share-sale at 2.90 dollars apiece, a company statement said.

The Isle of Man incorporated firm today announced the book closure of its initial public offer and over 2.41 crore shares carrying a face value of 0.05 dollars each (comprising of 23.17 per cent of the equity post-issue).

Read more in The DNA Money article.