Tata Group Acquires Disney's $1 Billion Stake in Tata Play
Tata Group buys Disney's 30% stake in Tata Play for $1 billion, gaining full ownership and enabling Disney to focus on its Viacom18 merger
sociapanews Staff
Reports indicate that this sale will enable Disney to concentrate on merging its India operations with Viacom18.
Walt Disney Co.'s 30% stake in satellite TV service provider Tata Play has reportedly been acquired by Tata Group for $1 billion. This transaction allows Disney to focus on its merger with Reliance Group, according to a news report.
With this acquisition, Tata Group now fully owns the satellite service provider.
Back in March, it was reported that Tata Group was exploring the possibility of purchasing Disney's stake, and preliminary discussions had begun.
In April, the Singaporean state-owned investment firm Temasek sold its 10% stake in Tata Play to Tata Sons for Rs 835 crore, increasing Tata Sons' shareholding in Tata Play to 70%, as reported by a news source.
Following Temasek's exit, Tata Sons held a 70% stake in the DTH firm alongside Walt Disney. With Disney's divestment, Tata now has full control of the subscription TV services.
Tata Play, formerly known as Tata Sky, was established as a joint venture between Tata Group and News Corporation in 2005.
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