MUMBAI: The Walt Disney Company in China has formed alliance with the Ministry of Culture?s China Animation Group, and Tencent, China?s largest Internet service provider, to launch ?The National Animation Creative Research and Development Cooperation? in order to advance the country?s animation industry.

The organisation, announced at a signing ceremony in Beijing Tuesday, will serve as an incubator to train local talent and develop original content that will entertain audiences in China and worldwide.

?The National Animation Creative Research and Development initiative is focused on nurturing local talent and recognises the importance of developing original local animation content,? said Walt Disney International chairman Andy Bird.

?Disney?s involvement builds on our expertise and long term commitment to nurture the local original animation industry. As founding partner we look forward to working with this new creative partnership in creating content for the Chinese and international marketplace,? he added.

Bird was joined at the ceremony by Liang Gang, Chairman of the Board for China Animation Group, Ren Yuxin, a senior executive of Tencent, and Gao Zheng, deputy director general, Cultural Industry Department for the Ministry of Culture.

As part of the initiative, Disney will work with the China Animation Group and Tencent to foster local content across mediums, including television, motion pictures and digital platforms, for distribution in China and internationally. Tencent, one of China?s largest Internet service portals, will provide online marketing support.

NEW DELHI: The Government has approved the proposal by the Walt Disney Company (Southeast Asia) Pte Ltd, Singapore, for increasing its shareholding on fully diluted basis to 100 per cent of UTV Software Communications.

The Cabinet Committee on Economic Affairs approved the proposal following the recommendation of the Foreign Investment Promotion Board (FIPB) in its meeting on 15 November.

Disney, which holds 50.44 per cent in UTV, will infuse around Rs 20.13 billion for acquiring the remaining stake in the Indian media conglomerate.

UTV Software had announced on 26 July that Walt Disney had offered to buy out stakes held by public shareholders and other promoters of the company.

It had been announced that subsequent to the buyout of the public shareholders, the company will be delisted from both the Bombay Stock Exchange and the National Stock Exchange. "The delisting proposal entails an offer to acquire all outstanding equity shares held by public shareholders in the company," UTV said in a filing to the Bombay Stock Exchange.

Upon the completion of the transactions, Rohinton Screwvala shall cease to be an employee of the company and instead be employed by The Walt Disney Company India as its managing director.

UTV operates in five verticals - broadcasting, games, motion pictures, digital content and television content.