Reliance Industries, led by Mukesh Ambani, is considering the acquisition of a 29% stake in Tata Play from Walt Disney as part of their joint venture.

Mukesh Ambani's Reliance Industries (RIL) is currently engaged in negotiations with Walt Disney Co to consolidate their respective media operations in India. According to recent reports, a newly-established division of Reliance's Viacom18 is poised to absorb Disney's Star India through a share swap arrangement, slated for completion in January. Sources suggest that Reliance may acquire a 51% stake in the proposed Viacom18 unit by making a cash payment, while Disney would retain a 49% ownership. It's anticipated that the board of the unit will have equal representation from both Reliance and Disney.

Back in October, Bloomberg disclosed that Reliance's entertainment arm had valued Disney's India assets, including the Disney Hotstar streaming service and Star India, at an estimated $7 billion to $8 billion. Earlier attempts by Disney to explore options such as selling or seeking partnerships for its Indian assets involved discussions with various entities, including billionaires Gautam Adani and Kalanithi Maran, as well as private equity firm Blackstone. However, the latest development indicates a potential shift towards Reliance emerging as the controlling stakeholder in the venture.

Reliance's Viacom18, which operates JioCinema, has been intensifying competition in the Indian streaming market. Ambani's strategy has involved leveraging platforms such as JioCinema by offering free access to popular content like the IPL cricket tournament, a move that previously belonged to Disney. Despite losing the IPL streaming rights, Disney Star has managed to secure television rights until 2027, albeit experiencing a decline in subscriber numbers. Notably, Disney also secured a deal with ZEE Entertainment Enterprises Ltd. for licensing the TV rights for International Cricket Council men’s matches, while retaining digital rights through Disney Hotstar.

JioCinema, supported by Reliance, has witnessed remarkable success, attracting a record-breaking 32 million concurrent viewers during the IPL final. As part of its expansion strategy, the platform has begun monetizing content and signed a multi-year agreement to stream exclusive Warner Bros Discovery Inc. content in India. These developments signify Reliance's aggressive push into the Indian media landscape and its efforts to strengthen its position through strategic acquisitions and partnerships.