|
News Corp won't part its stake
in UTV
Rupert
Murdoch's News Corp, which holds a 37 per cent stake in
the Ronnie Screwvala promoted United Television (UTV) is
negotiating with Screwvala to retain a stake in his company.
News Corp had a 49 per cent
stake in UTV prior of selling a 12 per cent stake off to
Warburg Pincus which already held 24 per cent of holding
in the company. The deal reduced Murdoch's stake to 37 per
cent and he last year, had announced to sell it off to Mr
Screwvala. Now Murdoch is in talks with Screwvala to retain
15 per cent stake in UTV. UTV will be listing on Indian
brouses by May-June this year.
After his increased interest in India, Murdoch seems not
willing to give up his stake in the huge media house UTV.
News Corp is already getting ready to capture a market share
in India in the era of convergence by plans to acquire Internet
companies, ISPs and telecom companies as well as creating
portals. Already having a chunk of the television market
through its subsidiaty Star TV, News Corp wants to get deep
in the convergence market. Since content would be an important
issue in the forthcoming world of broadband, Murdoch won't
like to give up his whole stake in the company which is
rich in content and which could add value to his holding.
Incidently, Murdoch would visit Mumbai this weekend where
UTV is based. But the exact purpose of his visit is still
unknown and this could be a part of his agenda.
See
more headlines
|
