Mukesh Ambani’s Reliance Industries (RIL) is in talks to acquire a 29.8% stake in Tata Play, the satellite TV and streaming service currently owned by Walt Disney. This move, if completed, would mark a significant expansion for RIL into the television distribution sector, potentially creating a major media presence in India, according to a Business Standard report.
Currently, Tata Sons, the holding company of the Tata group, holds a majority stake (50.2%) in Tata Play. The remaining shares are owned by Disney and Singapore investment firm Temasek, the report added.
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This development comes amid larger merger talks between Disney and Reliance, aimed at creating a media company. While Viacom18 could be the largest shareholder in the combined entity, rumors suggest that Reliance could invest $1.5 billion for a 60% shareholder, leaving Disney with the remaining 40%.
Read also | RIL’s share price hits record high; tops of the market ₹20 lakh crore for the first time; what should investors do?
Meanwhile, the share price of Reliance Industries (RIL) climbed nearly 2 percent to hit its fresh all-time high of ₹2,957.80 in intraday trade on BSE on Tuesday, February 13. This remarkable increase in the stock price pushed the company’s market capitalization to almost ₹20 lakh crores for the first time. RIL is the most valuable company in India by market capitalization.
Read also | The market capitalization of Reliance Industries is crossing ₹19.5 lakh crore: How does it fare against major global firms?
Mint earlier in 2022 reported that Walt Disney Co. plans to sell its entire stake in India’s largest satellite TV operator Tata Play Ltd during its proposed initial share sale, as the American entertainment conglomerate looks to focus on its broadcasting and streaming services businesses in India. .
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Published: 15 Feb 2024, 10:24 IST