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Reliance poised to acquire 50% stake in Disney India

Northeast NewsbyNortheast News
February 2, 2024
in Business
Reliance poised to acquire 50% stake in Disney India

(Photo:@IndianTechGuide)

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Reliance Industries and Disney are in advanced talks to merge their media businesses, with Reliance poised to acquire a controlling stake of 51%-54%, valuing Disney’s domestic business at a staggering $3.5 billion.

Adding to the mix, Bodhi Tree, a joint venture between James Murdoch and Uday Shankar, is expected to secure around a 9% stake in the amalgamated entity, enhancing the conglomerate’s presence in the rapidly evolving market.

The impending deal, anticipated to be formalised in February, will see Reliance Industries’ broadcast division Viacom 18 merging seamlessly with Disney India businesses, creating a powerhouse of television channels and major streaming services.

Disney’s India assets, however, have experienced a significant dip, now valued at $4.5 billion—almost half of its earlier $10 billion valuation. This decline is attributed, in part, to Zee Entertainment’s withdrawal from a previously anticipated $1.4 billion deal.

Following that, Disney Star is reportedly considering legal action against Zee Entertainment for reneging on the substantial sub-licensing agreement for TV broadcasts of international cricket matches in India.

Whether the agreement included an arbitration clause or not will dictate the course of resolution, with potential arbitration proceedings or legal action for damages in the cards.

Zee Entertainment, which has already missed a $200 million instalment, has communicated its decision to halt the deal with Disney Star.

The fallout stems from ZEEL’s strategic licensing agreement with Disney Star, announced on August 30, 2022, for television broadcasting rights of ICC Men’s and Under-19 global events over four years.

Despite the hiccup with Zee Entertainment, Disney Star has successfully secured exclusive digital streaming rights for all ICC tournaments, spanning the lucrative period from 2024 to 2027.

This strategic move is expected to bolster Disney Star’s position in the digital realm, reinforcing its commitment to showcasing premier cricketing events through its platform Disney Hotstar.

As the ink dries on this transformative deal between Reliance, Disney, and potential partner Bodhi Tree, the landscape of India’s media industry is poised for an unprecedented shift.

Tags: Bodhi TreeDisney IndiaReliance
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