Walt Disney Co DIS shares fell after the close on Tuesday before bouncing back. New reports indicate that the company is exploring strategic alternatives for Star India.
What Happened: According to a Wall Street Journal report, Disney is exploring strategic options for its Star India business, which include a potential sale.
People familiar with the matter reportedly said Disney has talked to at least one bank about ways to help improve growth in its India business, however, talks are in the early stages.
The Disney+ Hotstar streaming platform is expected to lose between 8 million and 10 million subscribers in its fiscal third quarter and revenue is projected to fall approximately 20% to less than $2 billion.
The news comes after Disney lost a bidding war for the rights to stream Indian Premier League cricket matches last year. The report indicates that the streaming service was growing rapidly before Disney lost those rights. It's now estimated the company could lose a total of 15 million subscribers in fiscal 2023.
See Also: Why Domino's Pizza Shares Are Surging Today
DIS Price Action: Disney shares fell close to 1% after hours Tuesday before bouncing back. The stock was up 0.25% at $89.71 at the time of publication, according to Benzinga Pro.
Photo: Pexels from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
