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UTV forays into digital Internet media space; acquires majority stake in IT Nation for Rs 15 cr

UTV forays into digital Internet media space; acquires majority stake in IT Nation for Rs 15 cr

Author | exchange4media Mumbai Bureau | Tuesday, May 27,2008 8:07 AM

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UTV forays into digital Internet media space; acquires majority stake in IT Nation for Rs 15 cr

UTV New Media, the digital media arm of UTV Software Communications Ltd, has announced its foray into the digital media space with the acquisition of 76 per cent stake in online technology company IT Nation for a consideration of Rs 15 crore.

According to a release issued by the company, UTV New Media envisages an investment of around Rs 120 crore over the next two years on Internet, digital music, online technology and online business space.

TN Prabhu, CEO, UTV New Media, said, “Our objective is to create a digital entity covering the domains of business, finance, entertainment – TV, films, music, gadgets and technology. This, we plan to do in a device agnostic manner, that is, wherever the user has a device to access, we will have content to deliver.”

In the digital music space, UTV New Media launched with ‘Jodhaa Akbar’. This would be followed by ‘Singh is King’, which will be released worldwide in August 2008. UTV New Media has a catalogue of 20,000 titles that include Bollywood and regional (Punjabi, Tamil, Telugu movies) available under its short code 59995.

UTV New Media’s Internet space consists a portfolio of 10 websites across business (with UTVi), technology (Channeltimes.com, CXOtoday.com, Enterpriser.in, Techtree.com), and entertainment (with UTV Motion Pictures, Bindass, Bindass Movies, World Movies, UTV Movies).

In the online business space, UTV New Media recently launched UTVi.com, the business website for their English business news channel. The focus of the site is interactivity through blogs, which are by invitation. Readers can interact with the editor through the blog.

Tags: e4m

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