Blackstone in talks for stake in Disney's Indian business
What's the story
Blackstone, a private equity firm, is said to be in early talks with Walt Disney about acquiring a stake in the entertainment giant's Indian division.
As per Reuters, this move comes as Disney seeks to strengthen its position in the competitive Indian market.
This will be done by exploring options for a sale or joint venture partner for its digital and TV business in the country.
Details
Candle Media lead the conversations
Candle Media, a US media company backed by Blackstone and established by former Disney executives, reportedly led the discussions between the two parties last week.
Both Blackstone and Disney have chosen not to comment on the ongoing discussions.
Disney has also previously held talks with Indian billionaires Gautam Adani as well as the owner of Sun TV Network, Kalanithi Maran, about potential partnerships or acquisitions.
What Next?
Disney's strategy to boost advertising revenue
In a bid to boost its streaming business in India, Disney has started offering free cricket on smartphones, hoping to increase advertising revenue.
The company has faced challenges in the Indian market, such as losing streaming rights for key cricket tournaments to billionaire Mukesh Ambani's broadcasting unit.
This includes rights to the Indian Premier League (IPL) and the national cricket team's bilateral matches.