Disney To Buy Indian Company UTV
Walt Disney (NYSE:DIS) will acquire through its subsidiary a controlling interest in UTV, one of India’s premier media companies. Disney already owns the largest children’s network in India.
Now it is also the largest film producer, and will produce both Disney-branded and local films. UTV also has six channels and is currently the leading broadcast network in the country. Finally, the purchase will allow Disney to explore the world of digital media and online games.
Andy Bird, the Chairman of Walt Disney International, said the following in a statement: “Increasing our brand presence and reach in key international markets is a cornerstone of our growth strategy. This acquisition expands our footprint significantly and allows us to more effectively build, monetize and brand multi-platform franchises, and deliver a rich library of content to the world’s second largest population.” UTV CEO Ronnie Screwvala has been named Managing Director and will report to Andy Bird.
Here’s how Disney’s stock is trading now:
Walt Disney Co. (NYSE:DIS): DIS shares recently traded at $39.47, up $0.57, or 1.47%. They have traded in a 52-week range of $28.19 to $44.34. Volume today was 417,431 shares versus a 3-month average volume of 11,373,200 shares. The company’s trailing P/E is 15.66, while trailing earnings are $2.52 per share.