by Stacy Jones on Jul 28, 2011
Reuters reports that the Walt Disney Company, the largest shareholder of Indias UTV Software, parent company of Faxion Online developer UTV Ignition Games, has proposed to buy out the shares not owned by the company at an estimated market value of $826 million and plans to delist the shares. Walt Disney currently holds roughly 50.4% of the shares and plans to use the company to diversify and expand its presence in India.
Last week the development and support staff of Faxion Online suffered a round of layoffs. How the future of Faxion Online could factor into Disneys plans for the company remains to be seen, so stay tuned and well update you when we have more.