Disney to Sell Stake in Tata Play in $1 Billion Deal, Reports Bloomberg News
Walt Disney is set to sell its stake in Tata Play, valuing the Indian conglomerate's satellite TV provider at around US$1 billion. The move is part of Disney's strategy to focus on its merger with Reliance Industries, aiming to create an US$8.5 billion entertainment powerhouse. Tata Group recently increased its ownership in Tata Play to 70% by purchasing a 10% stake from Temasek.
This move comes as Disney aims to shift its focus towards its merger with Reliance Industries, India's top conglomerate, in a bid to create an entertainment powerhouse valued at US$8.5 billion, surpassing its competitors in the country with the largest population.
Last month, Tata Sons, the holding company of Tata Group, acquired an additional 10% stake in Tata Play from Singapore state investment firm Temasek for around US$100 million, increasing its ownership to 70%. The details of the change in the joint venture shareholding ratio following the stake sale have not been disclosed in the Bloomberg report.
Disney initially acquired its stake in Tata Play through the acquisition of Star India, which was part of the purchase of 21st Century Fox's India assets in 2017.
Walt Disney is set to sell its stake in Tata Play, valuing the Indian conglomerate's satellite TV provider at around US$1 billion.
The move is part of Disney's strategy to focus on its merger with Reliance Industries, aiming to create an US$8.5 billion entertainment powerhouse.
Tata Group recently increased its ownership in Tata Play to 70% by purchasing a 10% stake from Temasek.
Source: REUTERS