Disney in talks with Adani, Sun TV to sell India assets -Bloomberg News (updated)

Sun TV Network

06/10/2023 11:39

(Adds details from report, background)
       BENGALURU, Oct 6 (Reuters) - Disney  DIS.N  has held
talks with Indian billionaires Gautam Adani and Sun TV Network
 SUTV.NS  owner Kalanithi Maran as well private equity firms to
sell its streaming and television business in the country,
Bloomberg News reported on Friday.
    Disney is exploring various possibilities, including selling
some of its Indian operations or a mix of assets from the unit,
the report said, citing people familiar with the matter.
    The discussions are in the very early stages and a deal may
not necessarily materialize, Bloomberg said. The report did not
mention any potential deal value.
    Disney, Sun TV and the Gautam Adani-controlled Adani group
did not immediately respond to Reuters' request for comment.
    Disney was exploring options to sell or find a joint venture
partner for its India digital and TV business, Reuters reported
in July.
    Disney has faced increasing pressure due to the emergence of
Reliance Industries'  RELI.NS  streaming platform JioCinema, run
by Asia's richest man, Mukesh Ambani.
    Ambani has been marketing his streaming platform by offering
free access to the Indian Premier League cricket tournament,
digital rights of which were earlier with Disney.
    Disney's India streaming operations, its biggest last year
globally by users, posted a loss of $41.5 million on revenue of
$390 million for the year to March 2022, its last disclosed
results.
    Disney is attempting to revive its fortunes in the country
by offering free cricket on smartphones, betting that the
strategy will boost advertising revenue and offset the impact of
a subscriber exodus.

 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by
Savio D'Souza)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))