Tata strengthens grip on Tata Play with increased stake purchase: Reports

Tata has acquired shares from Singapore investment firm Temasek for approximately $100 million.

By  Storyboard18Apr 30, 2024 9:47 AM
Tata strengthens grip on Tata Play with increased stake purchase: Reports
Following Temasek's exit, Tata Play will operate as a 70:30 joint venture between Tata and Walt Disney.

Tata Sons, the holding company of the Tata Group, has increased its stake in direct-to-home (DTH) provider Tata Play by 10 percent, acquiring the shares from Singapore investment firm Temasek for approximately $100 million. As reported by ET, this move raises Tata Sons' ownership to 70 percent solidifying its control over the company.

Following Temasek's exit, Tata Play will operate as a 70:30 joint venture between Tata and Walt Disney. Disney holds its stake through its acquisition of Star India, formerly owned by 21st Century Fox. While Tata Play's valuation has decreased from its pre-pandemic target of $3 billion to $1 billion, it remains a crucial player in the media and entertainment sector as Tata's primary consumer-facing business.

The report also mentions ongoing discussions between Tata Sons and Disney regarding the latter's potential exit from Tata Play. Both parties are reportedly exploring options for an exit through an IPO which faced postponement due to market conditions and challenges within the DTH sector. Notably, Tata Play had received approval for an IPO in May 2023 from Securities and Exchange Board of India (SEBI).


Tags
First Published on Apr 30, 2024 9:45 AM

More from Storyboard18

Quantum Brief

ZEEL reports profit of Rs.13.35 crore in Q4FY24

ZEEL reports profit of Rs.13.35 crore in Q4FY24

Quantum Brief

ChatGPT gets access to Reddit content; OpenAI and Reddit announce partnership

ChatGPT gets access to Reddit content; OpenAI and Reddit announce partnership

Quantum Brief

Viacom18 - Star India deal: NCLT admits merger scheme

Viacom18 - Star India deal: NCLT admits merger scheme

Quantum Brief

Apple News+ rolls out new game and offline mode to drive subscriptions

Apple News+ rolls out new game and offline mode to drive subscriptions

Quantum Brief

No business impact on Patanjali Foods due to Patanjali Ayurved misleading ad controversy: Sanjeev Asthana

No business impact on Patanjali Foods due to Patanjali Ayurved misleading ad controversy: Sanjeev Asthana

Quantum Brief

England and Wales Cricket Board partners with RISE Worldwide to elevate digital and virtual inventory sponsorship sales in India

England and Wales Cricket Board partners with RISE Worldwide to elevate digital and virtual inventory sponsorship sales in India

Quantum Brief

NXTDigital’s broadband vertical inks strategic alliance with Delhi-based Triple Play Broadband

NXTDigital’s broadband vertical inks strategic alliance with Delhi-based Triple Play Broadband

Quantum Brief

OpenAI announces new flagship Gen-AI model GPT-4o

OpenAI announces new flagship Gen-AI model GPT-4o