Tata Group to buy Disney’s $1bn-worth 30% stake in Tata Play
Walt Disney Co’s 30% stake in satellite TV service provider Tata Play has reportedly found a buyer in Tata Group. The sale of the $1 billion stake will allow Disney to focus on its merger with Reliance Group, said a news report. With the purchase, Tata Group now owns the satellite service in its entirety.
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It was reported back in March that the conglomerate was considering the prospects of purchasing the stake from Disney and preliminary talks about the acquisition were underway.
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In April, Singaporean state-owned investment firm Temasek reportedly sold its 10% stake in Tata Play to Tata Sons for Rs 835 crore, raising Tata Son’s shareholding in Tata Play to 70%, according to a news report. With Temasek's exit, Tata Sons held a 70% stake in the DTH firm along with Walt Disney. With Disney divesting, now Tata has full control of the subscription TV services. Tata Play, which was previously Tata Sky, was a joint venture between Tata Group and News Corporation when it was incorporated in 2005.
Tags : Walt Disney Tata Play Reliance Tata Group