Blackstone's India Move - In Talks For Disney's Stake

Blackstone Inc BX has initiated preliminary talks with Walt Disney Co DIS to acquire a stake in Disney's Indian subsidiary. The discussions mark Blackstone's entry as a potential buyer for Disney's assets in India. 

Also Read: Disney's India Arm Set To Rake In Whopping $480M From Cricket World Cup Ads: Report

Disney has been considering either a sale or finding a joint venture partner for its digital and TV business in this market, Reuters reports. 

The dialogue between Blackstone and Disney was facilitated by Candle Media, a U.S. media company backed by Blackstone and founded by former Disney executives. 

This information comes after reports that Disney has also been in discussions with Indian billionaires Gautam Adani and Kalanithi Maran, the owner of Sun TV Network, Reuters noted.

Senior executives from the American entertainment powerhouse are reportedly discussing with potential buyers, including Adani and Maran, and various private equity funds.

The company examines multiple alternatives including selling part of the Indian operations or combining the unit's assets, including sports rights and regional streaming service Disney+ Hotstar.

Previously, Disney discussed asset sales with Reliance Industries Ltd, controlled by Asia tycoon Mukesh Ambani. 

The development followed as the unit lost its streaming rights to the Indian Premier League cricket tournament to Ambani. These losses include rights to the Indian Premier League and bilateral national cricket team matches, which are crucial attractions for streaming platforms in India, Reuters writes.

Disney's strategy in the competitive Indian market has been under scrutiny, especially with the acceleration of subscriber exits. 

Disney has started offering free cricket on smartphones to turn around its streaming business in the country. This move aims to increase advertising revenue, leveraging the sport's popularity in India.

Price Action: DIS shares closed higher by 0.52% at $85.43 on Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.