Briefcase

Disney will take control of India’s media giant

BURBANK, Calif. – The Walt Disney Co. said Tuesday that it will acquire a controlling stake in UTV, India’s largest media and entertainment company.

The financial terms of the deal were not disclosed.

Disney said the two companies plan to integrate their operations. The deal will help increase Disney’s reach in this key international market.

UTV is the leading television producer and broadcast network in India.

Disney already has a footprint in the country as it owns India’s three leading children’s television networks. The deal will make the U.S. company India’s leading film studio as well. It plans to produce both UTV films and Disney-branded local films.

Associated Press

Bailout program lost $23 billion in past year

WASHINGTON – A new report says the government’s financial bailout program will see a $23 billion loss in the year that ended Sept. 30, compared with a $37 billion gain on taxpayers’ investment the year before.

The Congressional Budget Office made the prediction in its report issued Tuesday on the federal budget. The expected loss is mainly due to the drop in the stock prices of General Motors and insurer American International Group, in which the government still holds big stakes.

Amid the 2008 financial crisis, Congress authorized spending $700 billion on the bailout. About $413 billion was lent. So far, the government has recovered around $318 billion.

Associated Press

Samsung loses battles on 3G, tablets in Europe

BRUSSELS – Samsung took a double-hit in its battle against archrival Apple when the European Union announced it would investigate whether it was illegally trying to hinder competitors and Germany blocked sales of some of its tablet computers.

The European Commission said Tuesday it suspected Samsung of not giving other companies fair access to patents it holds on standardized 3G technology for mobile devices – despite committing to do so in 1998. An appeals court in Germany ruled Tuesday in favor of Apple, saying Samsung could not sell its Galaxy Tab 10.1 nor the Galaxy Tab 8.9 there because they too closely resembled the iPad2, in violation of unfair competition laws.

Associated Press