The Walt Disney Company is reportedly finalising a significant multi-billion dollar deal with the Reliance Group, owned by Mukesh Ambani.
What Happened: Bloomberg reported on Monday that Disney is on the brink of finalising a significant deal with the Ambani Group. There were earlier speculations about Disney selling its India-based assets, with Gautam Adani being the potential buyer. However, Mukesh Ambani has now emerged as the final contender, as per Bloomberg’s report.
This deal, once concluded, will establish Mukesh Ambani’s firm as a top contender in the entertainment industry. Further details about the agreement remain undisclosed.
Why It Matters: Earlier in October, Disney was reported to be in preliminary talks with billionaires Gautam Adani and Kalanithi Maran, and several private equity firms, about selling its streaming and television business in India.
Disney+ Hotstar’s popularity in India is evident from its record-breaking 43 million concurrent viewers during the India vs New Zealand ICC World Cup 2023 match on Sunday.
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This development comes after Disney’s strategic move to merge Novi Digital Novi Digital Entertainment, the parent of Disney+ Hotstar, with Star India, in a bid to streamline their broadcasting, streaming, and distribution ventures. This merger aimed at tapping into economies of scale, boosting operational efficiency, and trimming down costs.
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