Walt Disney In Talks With Indian Household Name “Chandamama” For A Buyout
By Sahad PV - Tue 08 Aug 2006 12:09 PM PST
The Economic Times: Walt Disney is really upping its ante in India. After buying out Hungama channel for kids recently, the US-based entertainment giant is believed to be in talks with Indian household name in children’s magazine space -- Chandamama.
The magazine was launched in 1947.
Disney’s move is clear. Conquer Indian minds. The magazine sells over 200,000 copies in over 12 languages. The size of the deal is expected to be under Rs 20 crore (a little over $4 million), the paper reports. Vinod Sethi, former Morgan Stanley MD, and the family of filmmaker B Nagi Reddy own more than 60 per cent in Chandamama India, the publishing house of the magazine. The remaining stake is owned by some major corporates, including the Tata and Dabur group.
The promoters are also believed to be talking to a prominent NRI business group that has major plans for the Indian entertainment industry. There is 100% FDI allowed in speciality magazines, a category under which Chandamama is currently slotted.
Related:
--Walt Disney Buys Out Hungama TV; Picks Up 14.9 Per Cent Stake In UTV
Posted in: Mergers & Acquisitions
