According to sources familiar with the matter, Reliance Industries, led by Mukesh Ambani, Asia's wealthiest individual, is reportedly close to finalizing a deal to acquire Walt Disney Co.'s operations in India. Disney is looking to sell or find a partner for its business in India and has been in talks with several big names, including Gautam Adani, Kalanithi Maran, and Blackstone. However, Bloomberg reports that Disney is considering selling a significant portion of its Disney Star business in India, valued at around $10 billion, to Reliance. Reliance, on the other hand, values the business at between $7 billion and $8 billion. Disney India close to multibillion-dollar deal with Reliance
Disney's India business comprises the Disney+ Hotstar streaming service and Star India, while Reliance's media streaming service is called JioCinema. The deal, which could be a combination of cash and stock, may be announced as early as next month. Following the deal, some of Reliance's media segments may merge with Disney Star, although exact details have not been disclosed. According to the proposal, Disney may retain a small portion of the business in India even after the deal. However, nothing has been finalized yet, and Disney may decide to hold onto its assets for a little longer. Neither Disney nor Reliance has commented on the matter.
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Ambani and Disney’s Rivalry in Indian Entertainment and Sports Broadcasting
Ambani's increasing influence in India's entertainment industry is highlighted by this potential deal. In April, Reliance secured a deal to broadcast HBO shows in India, which were previously held by Disney. In August, Ambani outbid Disney for the rights to broadcast and livestream the Indian cricket team's matches for $721.41 million. This increased the popularity of JioCinema, and led to a decrease in subscribers for Disney+ Hotstar, dropping from 61 million in October 2022 to about 40 million by July 2023, mainly due to the loss of streaming rights for some cricket matches.
However, while Ambani secured the rights to broadcast all bilateral matches of the Indian cricket team, Disney+ Hotstar won the media rights for the International Cricket Council's tournaments in India. As a result, Disney provided free live streaming of the Asia Cup and the ICC Cricket World Cup on smartphones.
Disney's streaming platform in India saw a record 43 million viewers for a recent Cricket World Cup 2023 match between India and New Zealand on 22 October 2023, indicating a strong viewer base in cricket-loving India. Sajith Sivanandan, head of Disney+ Hotstar, commented on this achievement.
We want to thank our users who flocked to Disney+ Hotstar for the thrilling game between India vs. New Zealand, and helped us reset the world record for concurrent viewers for a live streaming event. We served 43 million concurrent viewers at its peak during the match – a historical high that easily surpasses the 35 million previously set for the India vs. Pakistan match in the same tournament.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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