UTV New Media, the digital media arm of UTV Software Communications, has announced its foray into the digital media space with the acquisition of a controlling stake of 76 per cent in 'IT Nation', a leading online information company that focuses on technology markets, covering enterprises, technology resellers and general consumers, for Rs 15 crore.

The objective of UTV New Media is to create a digital entity covering the domains of business, finance and entertainment.

The company plans to invest around Rs 120 crore over the next two years to create a combination of Internet space with a portfolio of 10 portals targeted at specific need groups.

The digital music space has been replenished with a library of 20,000 music titles of Bollywood and regional movies, including Punjabi, Tamil and Telugu.

The investment will also include online technology space with IT Nation and in the online business space with UTVi.Com, the business website for the recently launched UTVi business channel.