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UTV plans to invest Rs 120 crore over the next two years in internet media space.


UTV To Invest Rs 120 Crore In Internet Media Space
Last Updated: 27-05-2008 17:49:32 IST
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The UTV group has forayed into digital internet media space by acquiring a 76 percent stake in IT Nation, an online technology company for Rs 15 crore. Mr. TN Prabhu, CEO, UTV New Media revealed that the company plans to invest Rs 120 crore in the next two years in both organic and inorganic growth. The investment is going to be made in a portfolio of ten portals. This will include UTVi.com, the online business website of its new business channel.
 
Mr. Prabhu remarked that according to figures they gather that over 50 percent of the population is less than 28 years of age and with the kind of disposable income and propensity of today’s youth to spend, digital music, gadgets and movies or entertainment are high growth areas that the company has identified. The company also plans to add other domains to the list 10 Web sites under UTV New Media currently. IT nation is also known for organizing nationwide technology events which will ultimately synergize with UTV’s business news channel.
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