Reliance Industries, spearheaded by Mukesh Ambani, is inching closer to finalizing a significant agreement with the entertainment powerhouse Walt Disney, which entails the potential acquisition of Disney's Indian assets valued at an estimated $7-8 billion. Insider sources, privy to the matter, indicate that Disney values its Indian assets at a higher figure of nearly $10 billion. The eagerly awaited announcement of this deal is slated for November, according to these sources. Moreover, there's a possibility that certain media units within the Reliance conglomerate could be amalgamated with Disney's Star subsidiary.
When approached for comment, Disney India remained tight-lipped, while Reliance declined to offer any insights. The motivation behind Walt Disney's eagerness to part ways with its Indian assets can be attributed to the persistent decline in revenue generation. Under the leadership of Robert Iger, the company intends to reorient its focus towards its core entertainment endeavors.
Disney's revenues in India faced a significant blow when JioCinema, under the stewardship of Reliance Industries, decided to stream the Indian Premier League at no cost to the viewers. Additionally, Disney Hotstar lost the rights to broadcast HBO properties earlier in the year, with JioCinema securing those rights. Disney is actively exploring various options, including the possibility of a joint venture, to revitalize its presence in the Indian market.
Interestingly, over the weekend, Disney Hotstar experienced a remarkable surge in viewership, recording an impressive 43 million viewers for the India-New Zealand cricket match, surpassing the expected 35 million. This development was confirmed by the entertainment giant through an official statement.
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