Ronnie Screwvala-promoted UTV Software Communications is in talks with the Walt Disney-owned American Broadcasting Company News (ABC News) for launching a business news channel.
Sources in the know said the foreign media company would pick up a minority stake in the venture and provide technical support. The laws allow a foreign company to pick up a maximum 26 per cent stake in a news venture.
The discussions were at an advanced stage, and the deal would be announced shortly, they said. Walt Disney holds 14.85 per cent stake in UTV as on March 31, 2007.