Disney said to sell 30% stake in Tata Play to Tata Group, valuing co at $1 billion
The deal came as the India’s media landscape is going through a major shakeup. Disney signed a binding agreement in late February to combine its India Unit with viacom 18 media pvt, creating an $8.5 billion entertainment giant that will have 750 million viewers and dominate the sector in the world’s populous country.
has struck a to sell its minority in a to , people familiar with the matter said, allowing the US giant to focus on the of its Indian unit with billionaire ’s media arm.The transaction values at about $1 billion, the people said. Group took full control of the TV platform after buying the 29.8% stake from Disney, said the people, who asked not to be identified as the information is private.
The deal came as the India’s media landscape is going through a major shakeup. signed a binding agreement in late February to combine its Unit with 18 media pvt, creating an $8.5 billion entertainment giant that will have 750 million viewers and dominate the sector in the world’s populous country.
Tata Play was incorporated in 2001 as a joint venture between Tata Group and ., formerly known as . The company provides pay television via set-top boxes and over-the-top video streaming through its app and has a pan-India footprint of 23 million connections, according to ’s website. in 2022 filed confidentially for a domestic initial public offering but the listing has yet to happen.
Tata Group raised its stake in Tata Play to slightly over 70% after buying out Temasek Holding Pte’s stake earlier this year, the people said. Temasek first invested in Tata Sky, as it was known at the time, in 2007, according to its website.
Representatives for , and Temasek declined to comment.
Source: Stocks-Markets-Economic Times
