New Delhi, May 23, 2024.
Walt Disney has struck a deal to sell its stake in Tata Play, valuing Indian conglomerate Tata Group’s satellite TV provider at about $1 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The stake sale news comes as the US-based media giant looks to focus on its merger with India’s top conglomerate, Reliance Industries, in a bid to create an $8.5 billion entertainment juggernaut far ahead of the rivals in India.
Last month, Tata Sons, the holding company of India’s Tata Group, increased its stake in Tata Play to 70% by buying a 10% stake from Singapore state investment firm Temasek for about $100 million, local media had reported.