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Malaysian company Astro buys 26.01 per cent stake in Hungama TV

09-March-2006
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Malaysian company Astro buys 26.01 per cent stake in Hungama TV

UTV Software Communications Ltd on Wednesday announced that key Malaysian DTH and pay TV operator, Astro, had taken a strategic stake of 26.01 per cent in the UTV promoted Hungama TV (United Home Entertainment Ltd).

“Astro or its affiliates shall invest as a strategic investor in UHE by subscription to UHE’s equity, preference shares, convertible debt and/or other instruments, or a combination thereof, for strategic stake of 26.01 per cent.” UTV said in a statement.

In September 2005, both the groups had declared their joint venture to launch two kids’ channels in South East Asia, which are on Astro’s DTH platform across Malaysia, Indonesia, Brunei, and later on in Singapore. A spokesperson for the group revealed that the two channels were set to be launched in the next quarter.

According to the previous agreement, Astro will be making the entire capital investment for the launch of these channels. UTV will provide the entire knowhow, the content, the formats, marketing and brand building expertise for the launch of its channels. The successful format of UTV and Hungama from India will be created locally in Bahasa Malay and Bahasa Indonesia languages.

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