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Walt Disney Co is reportedly planning to sell its share in Tata Play to Tata Group, media reports said. The entertainment giant has finalised a deal to sell its minority stake in the subscription television broadcaster to the Indian conglomerate. 

Citing sources in the know, Bloomberg reported that this deal will allow Walt Disney to focus on the merger of its Indian entity with billionaire Mukesh Ambani’s media unit. The deal places the value of Tata Play Ltd at nearly $1 billion, the report noted.

As part of the deal, Tata Group has taken full control of the broadcaster and acquired the 29.8 per cent stake in the entity from Disney, the report stated citing sources who wished to remain anonymous. 

Notably, the media industry in India is witnessing some major changes lately. Earlier this year in February, Disney entered a binding agreement to merge its Indian unit with Ambani’s Viacom 18 Media Pvt Ltd. The merger will create a new entertainment giant worth $8.5 billion with access to 750 million viewers. The new media venture is also expected to dominate the industry in India. 

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Set up as a joint venture between Tata Group and TFCF Corp, Tata Play was founded in 2001. TFCF Corp was earlier known as Twenty-First Century Fox. Tata Group has already increased its holding in Tata Play by a little over 70 per cent after purchasing the share from Temasek Holding Pte, the report noted.

The firm provides user-paid television through set-top boxes and over-the-top video streaming via its app. It boasts 23 million connections across the country, as per its website. 

In 2022, Tata Play applied for a domestic initial public offering confidentially, however, the listing is yet to take place.

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