TATA GROUP TO BUY DISNEY'S STAKE IN TATA PLAY AT $1 BILLION VALUATION: REPORT
Walt Disney Co struck a deal to sell its minority stake in Tata Play to Tata Group, Bloomberg reported citing people in the know. The sale will allow the US media giant to focus on the merger of its Indian unit with Mukesh Ambani’s media arm. The report added that the transaction valued Tata Play Ltd. at about $1 billion.
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What we know about Disney's Tata Group deal?
As per the deal, Tata Group takes full control of the TV platform after buying the 29.8% stake from Disney. The deal comes as 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.
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What we know about Tata Play?
Tata Play was incorporated in 2001- a joint venture between Tata Group and TFCF Corp. The company provides pay television via set-top boxes and over-the-top video streaming through its app, as per Tata Sons’s website. Tata Play in 2022 filed confidentially for a domestic initial public offering. The listing is yet to happen.
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What else has changed at Tata Play?
Tata Group raised its stake in Tata Play to over 70% after buying out Temasek Holding Pte’s stake earlier this year. Temasek invested in 2007, it was reported.
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2024-05-23T02:06:33Z dg43tfdfdgfd