UTV INTERACTIVE BUYS 80 PER CENT STAKE IN US-FIRM

Mumbai
The Economic Times Financial Chronicle DNA

Media & Entertainment Group, UTV Software Communications, on Monday said it has acquired 80 per cent 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 executive 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 rampant growth in revenues from US$ 5.7 bn in 2007 to US$ 13.1 bn 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 expected to overtake East Asia by 2012, it said.