Walt Disney Co has agreed to sell its minority stake in Tata Play to Tata Group, as per Bloomberg report. This sale will enable Disney to concentrate on merging its Indian unit with Mukesh Ambani’s media arm.
The transaction values Tata Play at approximately 1 billion dollars. The report further adds that Tata Group will take full control of the TV platform by acquiring Disney's 29.8% stake.
This follows Disney's binding agreement in February to merge its India unit with Viacom 18 Media, forming an 8.5 billion dollars entertainment entity.
Earlier this year, Tata Group increased its stake in Tata Play to over 70% by purchasing Temasek Holding Pte’s shares. Temasek had invested in Tata Play in 2007.