Blackstone, the largest private equity firm in the world, is in talks with the Walt Disney Company to consider purchasing the media giant's streaming and television operations in India, according to a report by Reuters.
Earlier it was reported that Walt Disney Co had held preliminary talks with potential buyers for its India streaming and television business including billionaire Mukesh Ambani’s Reliance Industries Ltd., according to people familiar with the matter.
In the fiercely competitive Indian market, Blackstone has emerged as a potential contender interested in Disney's assets. Disney has been exploring various options, including a sale or a joint venture partnership, for its digital and TV business in India. While Blackstone and Disney have not officially commented on the matter, discussions have been underway.
The conversations between the two entities were spearheaded by Candle Media, a U.S. media company backed by Blackstone and founded by former Disney executives.
Reports of these discussions initially surfaced in The Economic Times, an Indian newspaper. Disney has been actively engaging with various stakeholders, including Indian billionaires like Gautam Adani and Kalanithi Maran, the owner of Sun TV Network (SUTV.NS), as reported by Bloomberg News.
Disney is navigating the Indian market as it faces subscriber attrition, prompting strategic moves to reinvigorate its streaming business. One notable strategy involves offering free cricket content on smartphones, with the expectation that this move will drive advertising revenue.
However, Disney has faced challenges, including the loss of streaming rights for significant cricket tournaments to Mukesh Ambani's broadcasting unit, including the lucrative Indian Premier League and the national cricket team's bilateral matches.
First Published: Oct 11, 2023 9:28 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Delhi, Indore, Surat and Banswara — why these are the most challenging domains for Congress internally
May 4, 2024 1:53 PM
Congress nominee from Puri Lok Sabha seat withdraws, citing no funds from party
May 4, 2024 12:00 PM
Lok Sabha Polls '24 | Rahul Gandhi in Rae Bareli, why not Amethi
May 4, 2024 9:43 AM