UTV acquire 80% stake in True Games Interactive

UTV Interactive, owner of popular entertainment channel UTV, has acquired an 80-per cent stake in US-based True Games Interactive, said to be in a deal valued at about $75 million, based on its previous partial announcement.

"Online gaming is the platform of the future once broadband penetration reaches across world markets," said Preneet Malhotra, CEO, UTV Interactive. "While this phenomenon is led by Asia, it has started gaining traction in the west as well."

Malhotra said, "The True Games acquisition gives UTV not only presence in the international online gaming space, both in content creation and publishing but is also a major step towards achieving UTV' s 360 degree gaming vision."

Founded in January 2008, True Games Interactive is a multi-player online game publisher offering new business models to independent developers and publishers. This company is based in California and plans to release its first title in the beginning of 2009.

''The benefits and opportunities that come with joining the growing UTV Interactive family are endless,'' said Bob Drobish, CEO of True Games Interactive. ''With this partnership we have not only received financial backing, but have also joined a group that offers vast expertise and experience.''

According to UTV's projections the online game community will grow from 276 million at present to 376 million by 2012, a 36-per cent growth, with the revenues set to rise from $5.7 billion in 2007 to $13.1 billion in 2012, a 130-per cent increase in price sensitive markets like the US, Europe, Korea, China, Japan, Taiwan, Brazil, Turkey and many more.