UTV Software to establish TV channel with Astro Multimedia

UTV Software Communications Ltd has announced that the Company has entered into a term sheet with Astro Multimedia International (BVI) Ltd (Astro) for establishing a television channel joint venture business in India, South Asia and South East Asia. The scope of business of the joint venture company will be to create, develop, produce, own and operate one or more TV broadcast channels targeted at the age group of 15 to 25 in India, South Asia and South East Asia.

The Company and Astro will hold 50% each of the equity capital of the Joint venture company.

The aforesaid is subject to all regulatory approvals required for operating televisions channels in the territory being obtained and definitive agreements.

Source : Equity Bulls

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