UTV Software Communications Ltd, an Indian media and entertainment company, has declared that company will purchase an additional 10% stake in the UTV Global Broadcasting Ltd.

The deal is priced at Rs 329.7 million.

The shares will be purchased from UTV Software’s promoter group company, Unilazer Exports & Management Consultants Ltd.

UTV Software holds 75% of UTV Global.

UTV Software also said that its broadcasting section has met its advertising revenue objective for the year to March 2009.

The Walt Disney Company bought 14.85% in UTV at Rs 200 per share in August 2006. Ronnie Screwvala and associates presently hold 30.67% in UTV.

Through its 100% subsidiary, UTV Communications (UK) (UTC UK) has acquired a controlling stake (62.42%) in Indiagames from Tom Online Games. UTV had sold Hungama TV, its maiden foray into broadcasting, to Walt Disney for $30.5 million in 2006. In September Prime Focus took over UTV's post production facility, which was valued at $ 3 - 4 million.

At 2:32 p.m., shares of the company (UTV Software) declined 0.8 percent at Rs 212.50 at the Bombay Stock Exchange (BSE).