Mukesh Ambani’s Reliance Industries (RIL) is in talks to acquire a 29.8% stake in Tata Play, the satellite TV and streaming service currently owned by Walt Disney. This move, if finalized, would mark a significant expansion for RIL into the television distribution sector, potentially creating a major media powerhouse in India, according to a report by Business Standard.
Currently, Tata Sons, the holding company of the Tata group, holds a majority stake (50.2%) in Tata Play. The remaining shares are owned by Disney and Singapore-based investment firm Temasek, the report added.
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This development comes amidst larger merger talks between Disney and Reliance, aiming to create a media behemoth. While Viacom18 could be the biggest shareholder in the combined entity, rumors suggest Reliance might invest $1.5 billion for a 60% stake, leaving Disney with the remaining 40%.
Also Read | RIL share price hits record high; market cap tops ₹20 lakh crore for first time; what should investors do?
Meanwhile, Reliance Industries (RIL) share price climbed almost 2 per cent to hit its fresh all-time high of ₹2,957.80 in intraday trade on BSE on Tuesday, February 13. This remarkable increase in the stock price propelled the company’s market capitalization to almost ₹20 lakh crore for the first time. RIL is the most valuable company in India in terms of market capitalisation.
Mint earlier in 2022 reported, that Walt Disney Co. plans on selling its entire stake in India’s largest satellite television operator Tata Play Ltd during its proposed initial share sale, as the American entertainment conglomerate seeks to focus on its broadcast and streaming service businesses in India.
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Published: 15 Feb 2024, 10:24 AM IST