Indian Express
Express India
Screen
Loksatta
Express Cricket
Kashmir Live
Biz Publications
Indian Express |
Express India |
Screen |
Loksatta |
Express Cricket |
Kashmir Live |
Biz Publications |
| Save & Share Article | What’s this? |
There's fresh speculation on the UTV Software Communications Ltd front. Sources disclose that most likely UTV Toons – the animation division, which is under the Interactive business of UTV - will be merged with the UTV Motion Pictures business.
Sources say UTV has taken an internal decision that it will not take outsourced animation work anymore and will only work on home productions. Currently, the studio is working on two big-ticket animation movie projects – Arjuna and Magic Blanket .
Sources added that UTV was shutting down its animation pre-production unit and current employees have been given two months' notice. They have been also given the option of appearing for a test to join UTV Motion Pictures. UTV is willing to pay employees during the notice period. However, they will not be eligible for annual increment. Currently, there are around 200-plus employees in UTV Toons. A UTV spokesperson said, “UTV Toons is developing in-house productions in the form of animation movies for the UTV Motion Pictures label and as such it is moving up the value chain in a vertically integrated studio model which is what the UTV strategy is.” However, UTV has shrugged off industry speculation on an impending merger of Toons with the motion pictures business as a ‘misconception’.
Earlier, in a media release, UTV CEO Ronnie Screwvala said, “Our Interactive business, comprising animation and gaming, provides us with a valuable and interesting business model which is not only scalable, but also enables right diversification in a fast-growing interactive space in Southeast Asia. What we see now is only the tip of the iceberg, but the true impact of mergers, acquisitions and integration will be seen in the next fiscal year and thereafter as we build another high growth and margin business for UTV.” UTV's consolidated operating revenues and operating income for the nine months ended December 31, 2007 reported a growth of 86% and 435% at Rs 2,504 million and Rs 503 million respectively, as compared to the same period last fiscal.
Most Read Articles |
 |
 |
About Us | Contact Us | Advertisers | Site Map | Make us your homepage | Work for Us | RSS | Subscribe | Electronic Edition | Privacy Policy© 2008: Indian Express Newspapers (Mumbai) Ltd. All rights reserved throughout the world
Digg
My Yahoo
Fark
del.icio.us
Newsvine
Reddit