Disney to sell its 29.8% stake in Tata Play to Tata Group

23 May 2024 , 03:56 PM

Tata Group will gain complete control of Tata Play after purchasing Disney’s 29.8% stake, according to  sources. The sale will allow the US media conglomerate to focus on the merger of its Indian operation with billionaire Mukesh Ambani’s media arm.

The agreement came at a time when India’s media sector was undergoing significant changes. In late February, Disney signed a contractual agreement to merge its India unit with Viacom 18 Media Pvt Ltd, forming a $8.5 billion entertainment behemoth with 750 million viewers and a dominant position in the world’s most populous country.

Tata Play was founded in 2001 as a joint venture between the Tata Group and TFCF Corp., formerly known as Twenty-First Century Fox. According to Tata Sons’ website, the company offers pay television via set-top boxes as well as over-the-top video streaming via its app, and it has 23 million connections across India. Tata Play filed confidentially for a domestic IPO in 2022, but the listing has yet to take place.

According to the sources, Tata Group increased its share in Tata Play to slightly more than 70% after buying out Temasek Holding Pte’s holding earlier this year. Temasek originally invested in Tata Sky, as it was then named, in 2007, according to its website.

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