Financial Daily from THE HINDU group of publications
Tuesday, Jun 22, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 22, 2004 |
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Corporate
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Announcements United Home looks for investors Our Bureau
Mumbai , June 21 UNITED Home Entertainment, an associate company of UTV Software Communications Ltd, is looking at bringing investors on board. A due diligence is being carried out for this purpose. Currently, UTV Software holds 49 per cent and Mr Ronnie Screwvala, promoter, UTV Group, holds 51 per cent in United Home Entertainment. Stakes could be offered either to financial institutions or foreign institutional investors, Mr Screwvala said. A due diligence is on to find out the valuation, he said. United Home Entertainment is vested with the broadcasting business of the UTV Group and owns and manages the channel Hungama TV. The channel is due to be launched in August 2004. According to Mr Screwvala, investor interest in broadcasting business is much higher because of the higher scalability. "It is possible to scale up performance much more in broadcasting than in content business," he said. Hungama TV will cater to children in the age group of 4-14 years. "It will have Hindi live action programme, a portion of which will be sourced from UTV," he said.
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