Gautam Adani, Sun TV's Owner Kalanithi Maran Likely In Race To Acquire Disney Assets In India

Indian billionaire Gautam Adani, Sun TV Network owner Kalanithi Maran, and private equity firms have reportedly held talks with Disney as the US-based media conglomerate looks to sell its streaming and television business in the country, according to a Bloomberg News report.

According to the report citing people familiar with the matter, Disney is exploring various possibilities, including selling some of its Indian operations or a mix of assets from the unit.

The report did not mention any potential deal value and said that the discussions are in the very initial stages and a deal may not necessarily materialize.

Meanwhile, no official reaction or comment has been reported from Disney, Sun TV, or the Gautam Adani-controlled Adani group's side concerning this report.

Earlier in July Reuters reported that Disney was exploring options to sell or find a joint venture (JV) partner for its India digital and TV business.

Walt Disney Co. is holding preliminary discussions with potential buyers for its India streaming and television business including billionaires Gautam Adani and Kalanithi Maran, said people familiar with the matter.

Disney is facing new competition in the Indian market due to the emergence of new players including Reliance Industries' streaming platform JioCinema, run by Indian billionaire and Asia's richest man, Mukesh Ambani.
Ambani has been marketing his streaming platform by providing free access to the Indian Premier League (IPL) cricket tournament, digital rights of which were earlier with Disney.

Disney's India streaming operations, its biggest last year worldwide by users, reported a loss of $41.5 million on revenue of $390 million for the year to March 2022, its last disclosed results.

The media conglomerate is trying to revive its fortunes in the country by offering free cricket on smartphones, betting that the strategy will encourage advertising revenue and offset the impact of a subscriber exodus.
Meanwhile, Bloomberg News earlier reported that the US entertainment giant already held asset-sale talks with potential buyers for its India streaming and television business including billionaire Mukesh Ambani's Reliance Industries Ltd.