UTV interactive buys 80% stake in US firm

UTV interactive buys 80% stake in US firm
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First Published: Mon, Aug 18 2008. 05 42 PM IST
Updated: Mon, Aug 18 2008. 05 42 PM IST
By PTI
Mumbai: Media & Entertainment Group, UTV Software Communications, today said it has acquired 80% stake in US-Based online game publishing Group, True Games Interactive for an undisclosed sum.
The acquisition, which has been executed through the group’s gaming arm, UTV Interactive, is in line with the business strategy of achieving growth through the inorganic route, the company said in a press statement issued here.
The company had recently acquired UK-based console developer, Ignition Entertainment and India-based mobile gaming company, Indiagames Limited.
“The acquisition gives UTV not only presence in the international online gaming space, both in content creation and publishing but is also a major step towards achieving UTV’s 360 degree gaming vision,” UTV Interactive’s chief exceutive officer, Preneet Malhotra, said.
With this acquisition UTV has now presence across all platforms of gaming such as console, online and mobile, which spells dynamic synergies across the Interactive Vertical going forward, the company said.
Worldwide online game market is expected to clock a ramapant growth in revnues from $5.7 billion in 2007 to $13.1 billion in 2012, the company said.
While a major chunk of this industry’s growth is driven by North American and East Asian markets, North America is expecetd to overtake East Asia by 2012, it said.
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First Published: Mon, Aug 18 2008. 05 42 PM IST