UTV Software may mull minority stake sale in UTVi

UTV Software may mull minority stake sale in UTVi
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First Published: Thu, Jul 30 2009. 04 06 PM IST
Updated: Thu, Jul 30 2009. 04 06 PM IST
Mumbai: Television content provider and broadcaster UTV Software Communications Ltd may mull selling a minority stake in English news channel, UTVi, in October, a senior official told Reuters on Thursday.
The company, which is also into movie production, expects its topline to grow 30% across businesses in FY10, led by its film division, and to be profitable for the entire year, chief executive officer Ronnie Screwvala said in an interview.
UTV, whose forthcoming releases include “Delhi Belly” and “Shoebite”, has a market capitalisation of about $239.80 million. It posted a consolidated net profit of Rs356 million for the year-ended March 2009, compared with Rs577 million in FY08.
It posted a net loss of Rs233 million in the April-June quarter.
Screwvala said the company has an aggressive strategy in place for its broadcast division for the rest of the year, starting from 1 July.
“For broadcasting, we have gone back to a very aggressive strategy and absolutely there is no maintenance-mode strategy going forward, starting from 1 July,” he said.
The firm bought 125 new titles for its Hindi movie channel in last 4-5 weeks, he said.
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First Published: Thu, Jul 30 2009. 04 06 PM IST