Bengaluru: Indian oil-to-telecom conglomerate Reliance Industries is in talks to buy a 29.8 per cent stake in subscription-based satellite TV and video streaming service provider Tata Play from Walt Disney, Business Standard newspaper reported on Thursday, citing sources close to the development.
If the negotiations are successful, it would be the first collaboration between the Tata group and billionaire Mukesh Ambani's conglomerate, allowing Reliance to offer its complete JioCinema content into Tata Play's offerings for its customers, the report added.
Reliance and Disney did not immediately respond to Reuters request for comment, while a spokesperson for Tata Play declined to comment.
Earlier this month, Reuters reported that Reliance is close to merging its India media business with Disney with a 51 per cent -54 per cent stake. The deal values the US giant's Indian operations at over Rs 29,000 crore.
Bodhi Tree, a joint venture between James Murdoch and former top Disney executive, Uday Shankar, is also set to take a stake of around 9 per cent in the new merged entity. Disney will hold around 40 per cent.
Tata Sons, the parent company of the Tata Group, currently owns a majority stake of 50.2 per cent in Tata Play. Apart from Disney, the remaining shares are held by Singapore state investment firm Temasek, the report added.
Published 15 February 2024, 04:51 IST