Disney has formed a preliminary agreement to sell 60% of its India business to Reliance-backed Viacom18. The deal is expected to close this month, reported Wall Street Journal.
Sources told the Wall Street Journal that the Disney India business is valued at $3.9 billion.
In December, Reliance Industries (RIL) and Walt Disney Co signed a non-binding term sheet in London.
Disney's decision to explore strategic options for its India business was influenced by factors like the loss of IPL digital rights and the impact on its subscriber base.
Star-Viacom18 is poised for significant dominance in two key sectors of the Indian M&E market – television and digital. With a combined market share exceeding 40%, Star commands over 30%, while Viacom18 holds more than 10% in the TV broadcast market. Their influence extends further into the digital video streaming arena through platforms like Disney+ Hotstar and Jio Cinema.
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