UTV New Media acquires 76% stake in IT Nation

UTV New Media, the digital media arm of UTV Software Communications, has acquired a controlling stake of 76% for a consideration of Rs 15 crores in IT Nation, online technology company.

UTV New Media wants to invest around Rs. 120 crores over the next two years in a combination of the Internet space with a portfolio of 10 portals, in the digital music space, in the online technology space with IT Nation and in the online business space with UTVi.com the business website. 

TN Prabhu CEO, UTV New Media, said “Our objective is to create a digital entity covering the domains of business, finance, entertainment- TV, films, music, gadgets and technology. This we plan to do in a device agnostic manner. That is wherever the user has a device to access, we will have content to deliver”