Disney exits investment in Tata Play (formerly Tata Sky); Company valued around $1 billion
- Updated Thursday May 23 2024
Disney exits investment in Tata Play (formerly Tata Sky); Company valued around $1 billion
Reports indicate that a transaction has been completed and authorities notified.
Disney held around 30% stake in the Tata Play, and have sold their shares to the Tata group.
The valuation of the company around the pandemic was mooted to be around $3 billion reflecting a drastic drop since then.
Earlier the company had floated the prospect of an IPO which would allow investors Temasek and Disney to encash their holdings.
Further news regarding an IPO of Tata Play is awaited. Currently the company is entirely owned by the Tata Group, and it is the groups main cosumer facing business in the media and entertainment space servicing over 20 million households.
This latest exit of Disney must be understood in the broader context of Disney consolidating or exiting their businesses in India. Their mainstay media business is to be merged with the Viacom network which is owned majorly by Reliance Industries in a deal that could see Star and Colors network combining to form a $8.5 billion media company. This also as the Zee and Sony India merger, which were to form a $10 billion combined entity failed.
What impact this will have on management and operations is unclear.
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