NEW DELHI — The Walt Disney Co. has struck a deal to sell its minority stake in an Indian subscription television service to local conglomerate and majority shareholder Tata Group, a report said on Thursday.
The transaction values the satellite TV provider, Tata Play , at about $1 billion, Bloomberg News reported, citing unidentified people familiar with the matter. Tata Group took full control of the platform after buying the 29.8-percent stake from Disney , the report said. Tata Play provides pay television via set-top boxes and over-the-top video streaming through its app, boasting 23 million subscribers.
Tata Play had planned an initial public offering in 2022, but the listing has yet to happen.The latest deal comes after Disney signed an agreement in February to merge its Indian media businesses with local conglomerate Reliance Industries, the biggest Indian company by market cap with interests in energy, luxury retail and telecommunications.The merger is set to establish an $8.
To Sell Stake In India's Tata Play
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