The oil-to-telecom conglomerate Reliance Industries is reportedly in talks to buy Disney’s stake in satellite TV provider Tata Play, according to media reports. The company is looking to further bolster its media presence in the ecosystem.
As per reports, Mukesh Ambani’s company Reliance Industries is looking to buy Walt Disney’s 29.8 percent stake in the loss-making Tata Play as it seeks to offer its entire JioCinema content to Tata’s customers, Business Standard newspaper reported, citing sources aware of the development.
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Bankers are currently valuing Disney’s stake in Tata Play, which also offers access to video streaming services, the report added. The Temasek-backed company’s revenues fell 5 percent in fiscal 2023 and it had confidentially filed for a $300 million IPO more than a year ago.
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Reliance runs multiple TV channels and streaming juggernaut JioCinema through Viacom18. It is looking to strengthen its hold on India’s $28-billion media and entertainment market, Reuters reported.
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Reliance is close to merging its India media business with Disney with a 51-54 percent stake, Reuters reported earlier in February 2024. The deal values the U.S. giant’s Indian operations at $3.5 billion, a dramatic drop from Disney’s initial expectation of $10 billion.
Back in July 2023, Disney started exploring strategic options for its business in India, reflecting on the shift in Star India’s fortunes following Disney’s acquisition of Fox’s entertainment assets.
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