Disney is in talks with Mukesh Ambani-owned Reliance Industries Ltd to sell its India business to the conglomerate in a cash and stock deal, Bloomberg reported on Monday.
Both companies discussed piecemeal transactions earlier, with Reliance estimating Disney’s India assets valued at $7-8 billion against the US entertainment giant’s valuation of $10 billion.
The acquisition is likely be announced next month, and Reliance Media’s few units will probably be merged into Disney Star, the report added.
Spokespeople for Disney and Reliance refused to comment on the issue.
Though Disney Star is struggling with sliding subscriber numbers, the media group is continuing to invest in India and has weighed options, including outright sale or a joint venture, Bloomberg reported in July.
Reliance has been increasing its share in the streaming market through its Jio Cinema app. It has steadily gained subscribers, first with the streaming of the Indian Premier League and then winning rights to stream Warner Bros Discovery Inc.’s HBO shows in India.
Jio Cinema’s rise came at the expense of Disney+ Hotstar, which earlier held the rights to both the IPL and HBO shows.
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