UTV Software has informed the BSE that they have called off their “discussion” with Malaysian DTH and Pay TV co Astro for a TV joint venture in India; that venture was supposed to be UTVs youth focused business Bindass, which was launched earlier this year. UTV had entered into a term sheet with Astro. Astro is itself looking to launch Indian operations this year. UTV is believed to be in advanced stages of discussion for financial and/or strategic investment, and reports have indicated that Disney (NYSE: DIS) might be picking up a stake. UTV had announced an outlay of Rs. 200 crores for the channel.
Bindass is supposed to straddle three domains – TV, Internet and Mobile – and their Internet initiatives have been unimaginative and disappointing. In the past, UTV had terminated business relations with Palador for their world cinema channel, Olive.