Disney talks with Adani, Sun TV to sell India assets – Bloomberg News

BENGALURU, Oct 6 (Reuters) – Disney (DIS.N) has entered into a deal with Indian billionaire Gautam Adani, Sun Television Network (SUTV.NS) owner Kalanithi Maran and private equity firms to Discussions were held regarding the sale of the streaming television business. Bloomberg News reported on Friday.

The report, citing people familiar with the matter, said Disney is exploring various possibilities, including selling part of its India operations or a combination of the division’s assets.

According to Bloomberg, talks are at a very early stage and there is no guarantee that a deal will materialize. The report did not mention the value of the potential deal.

Disney, Sun TV and Gautam Adani’s Adani Group did not immediately respond to Reuters’ requests for comment.

Disney is exploring options to sell its digital television business in India or find a joint venture partner, Reuters reported in July.

Disney is facing increasing pressure from the rise of GeoCinema, the streaming platform from Reliance Industries (RELI.NS), run by Asia’s richest man, Mukesh Ambani.

Ambani is marketing his streaming platform by offering free access to the Indian Premier League cricket tournament, the digital rights of which were previously owned by Disney.

Disney’s streaming business in India, which had the world’s largest user base last year, posted a loss of $41.5 million on revenue of $390 million in the year to March 2022 in its last disclosed financial results. .

Disney is trying to rebuild its fortunes domestically by offering cricket for free on smartphones, betting the strategy will boost advertising revenue and offset the impact of subscriber loss.

Our standards: Thomson Reuters Trust Principles.