The Walt Disney Company has offered $ 30.5 million for acquiring UTV Group owned Company Hungama TV and which also includes bagging a minority stake of 14.9% in the media company.

Hungama TV is a 24-hour entertainment channel for kids with localized content in Hindi. It is positioned as a general entertainment channel targeting kids in the 4-14 age groups with multi-genre programming.

At a press conference, Andy Bird, President, Walt Disney International, said: "India is a long-term strategic priority for the Walt Disney Company. The acquisition of Hungama TV and the investment in UTV will significantly advance our presence in India and allow us to develop a strategic relationship with one of the country's leading integrated media companies."

Meanwhile UTV Software Communications Ltd has said that its board has approved the divestment of entire shareholding (including preference shares) to The Walt Disney Company (Southeast Asia) Pvt Ltd at an enterprise valuation of $30.5 million.