Mukesh Ambani-owned Reliance Industries is reportedly in talks for a stake in Tata Play from the Walt Disney Company. If talks go through, it will be first time Tata group and Reliance have partnered in a joint venture.
Mukesh Ambani-owned Reliance Industries is reportedly in talks for a 29.8 per cent stake in Tata Play from the Walt Disney Company.
Reliance, according to a Business Standard report, is eyeing a bigger footprint India’s television distribution sector with the plan.
Tata Sons has a 50.2 per cent stake in the satellite television broadcaster. Apart from Disney, the remaining shares are owned by Temasek, a Singapore-based fund.
Business Today could not independently verify the report.
If the deal goes through it would be the first time Tata group and Reliance have partnered in a joint venture, the report stated, extending JioCinema’s reach across the Tata Play platform.
Temasek has been intending to sell its 20 per cent stake in the company, valued at close to $1 billion.
For the financial year ended March 31, 2023, Tata Play reported a loss of Rs 105 crore on revenue of Rs 4,499 crore.
Disney and Reliance are reportedly in the last leg of negotiations to finalise their mega stock-and-cash merger to create India’s largest media and entertainment business.
Viacom18 could emerge as the single largest shareholder, with 42-45% in the combined entity. RIL is expected to invest up to $1.5 billion cash in the new entity, owning 60%, with Walt Disney owning the remaining 40%.