UTV calls off Rs 200 crore deal with Astro

MUMBAI: UTV Software Communications Ltd has called off its deal with Malaysia based company Astro, under which their youth channel Bindaass, a general entertainment and movie channel was launched.

The deal was established for a television channel joint venture business in India, South Asia and South East Asia. The investment in this venture is estimated at upto Rs 2 billion (Rs 200 crores). UTV Software Communications Ltd and Astro were to hold 50 per cent each of the equity capital of the joint venture company.

An UTV official says, “Bindass has called off its association with Malaysian based Astro, as the UTV Group is in serious and advanced discussion with financial or strategic investors for its whole Broadcast Venture, which includes Bindass, Bindass Movies and other channels.”

UTV group was recently in the news for international giant Walt Disney acquiring a majority stake in the company.

Bindass CEO Zarina Mehta was unavailable for comment.