---
title: "Disney Said to Near Multibillion-Dollar Deal With Reliance"
description: "Reliance Industries Ltd., controlled by Asia’s richest tycoon Mukesh Ambani, is nearing a cash and stock deal to buy Walt Disney Co.’s India operations, according to people familiar with the matter."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-10-24-disney-said-to-near-multibillion-dollar-deal-with-reliance/"
published: "2023-10-24T19:02:29"
lang: "en-ZA"
word_count: 394
---

# Disney Said to Near Multibillion-Dollar Deal With Reliance

> Reliance Industries Ltd., controlled by Asia’s richest tycoon Mukesh Ambani, is nearing a cash and stock deal to buy Walt Disney Co.’s India operations, according to people familiar with the matter.

By Bloomberg · Published 24 October 2023, 21:02 SAST

## Key points
- Disney's India streaming platform scored a record 43 million viewers for a Cricket World Cup match, even as the entertainment giant considers selling its struggling Disney Star business.
- US entertainment giant Disney is looking to sell a controlling stake in its Indian business, Disney Star.
- Reliance views the assets at between $7 billion to $8 billion.
- The deal could be announced as early as next month with some of Reliance’s media units merged into Disney Star.
- Disney's India streaming platform drew in a record 43 million viewers for the men’s Cricket World Cup 2023 match between India and New Zealand.

## Content

The US entertainment giant may sell a controlling stake in the Disney Star business, which it values at around $10 billion, as opposed to piecemeal transactions weighed earlier, the people said, asking not to be named because the discussions are private. Reliance views the assets at between $7 billion to $8 billion, some of the people said.

The acquisition could be announced as early as next month with some of Reliance’s media units merged into Disney Star, the people said, without providing further details.

Under the proposal, Disney will likely continue to hold on to a minority stake in the Indian company after any cash and stock swap transaction is completed, the people said. No final decision has been made on the deal or the valuation, and Disney could still decide to hold onto the assets for a bit longer, they added.

Reliance “evaluates various opportunities on an ongoing basis” and will make necessary disclosures as required, a spokesperson for the company said in an emailed reply. A representative for Disney in India didn’t respond to a request for comment.

The deal talks are illustrative of Ambani’s disruption of India’s entertainment industry after he scooped up the streaming rights to the Indian Premier League for $2.7 billion in 2022. The billionaire’s JioCinema platform then chose to broadcast the hugely popular domestic cricket tournament for free earlier this year.

*Ambani, chairman of Reliance Industries Ltd., at India Mobile Congress 2022 in New Delhi, India, on Saturday, Oct. 1, 2022. Narendra Modi, India's prime minister, announced the launch of 5G services in India during the event on Oct. 1. Photographer: Prakash Singh/Bloomberg*

Reliance then scored another win by bagging a multi-year pact to broadcast Warner Bros Discovery Inc.’s HBO shows in India, content that was previously with Disney.

Even as Disney Star struggled with sliding subscriber numbers, the media group hasn’t ceded the market and had been making investments. It has been [weighing](https://www.bloomberg.com/news/articles/2023-07-12/disney-said-to-weigh-options-for-struggling-india-tv-business) other options for the business, including an outright sale or setting up a joint venture, Bloomberg News reported in July.

Still, Disney’s India streaming platform managed to draw in a record 43 million viewers on Sunday for the men’s Cricket World Cup 2023 match between India and New Zealand, the company said in a statement. That was higher than the 35 million viewership the highly anticipated India-Pakistan grudge match drew earlier this month.