Walt Disney has struck a deal to sell its stake in Tata Play, valuing Indian conglomerate Tata Group’s satellite tv for pc TV supplier at about $1 billion, Bloomberg News reported on Wednesday, May 22,2024, citing folks accustomed to the matter.
Also learn: Reliance, Disney signal binding pact to mix media companies in India
The stake sale information comes because the U.S.-based media large appears to deal with its merger with India’s high conglomerate, Reliance Industries, in a bid to create an $8.5 billion leisure juggernaut far forward of rivals in the world’s most populous nation.
Last month, Tata Sons, the holding firm of India’s Tata Group, elevated its stake in Tata Play to 70% by shopping for a ten% stake from Singapore state funding agency Temasek for about $100 million, native media had reported.
With Temasek’s exit, Tata Play operates as a 70:30 three way partnership between Tata and Disney. The change in the ratio of three way partnership shareholding publish the stake sale information should not talked about in the Bloomberg report.
Disney and Tata Group didn’t instantly reply to Reuters’ requests for remark.
Disney took its stake in Tata Play from the acquisition of Star India by way of the acquisition of twenty first Century Fox’s India belongings in 2017.
