UTV buys 51 per cent share in Indiagames
Entertainment company confirms plans to move into gaming
Indian entertainment company UTV Software Communication has acquired a 51 per cent share in mobile company Indiagames as part of plans to move into the gaming sector.
UTV, which has its head office in Mumbai, paid US$ 15 million (11.4 million Euro) for the stake. The company has also aquired a 70 per cent stake in Essex-based PC and console game developer Ignition Entertainment.
According to the Times of India, the moves make UTV India's largest gaming and animation company.
"Having gaming products will enlarge our offering in the entertainment space as we put them to use even in the youth channels of our broadcasting business," an executive told the Times,
"We are negotiating a few acquisitions in the gaming space," the executive added, before hinting that further deals could be announced once they are finalised.
Indiagames distributes its titles in 37 countries via operators such as Verizon, Vodaphone and O2. India is thought to be one of the fastest-growing markets for mobile gaming. According to figures published by The Times, Asian markets will account for 50 per cent of global mobile game sales by 2010.